Energy Storage Market to Reach USD 99.72 Billion by 2029

Here is a report from Mordor Intelligence. As per this report:

  • The global energy storage market is projected to grow from USD 51.10 billion in 2024 to USD 99.72 billion by 2029, driven by renewable energy adoption and rising electricity demand, especially in the Asia-Pacific region.
  • Also, lithium-ion batteries will dominate due to declining prices and widespread adoption in utilities, commercial/industrial, and residential sectors.

Here are some key developments from around the world on the energy storage market as of now:

  • $39.16 billion - Expected size of the global renewable energy storage market in 2024, as per a report by Kings Research
  • $120 - 150 billion - Expected size of the Battery Energy Storage Systems (BESS) market by 2030, as per a report by McKinsey & Company
  • 100 gigawatt-hours - Predicted addition to the capacity of global energy storage in 2024, with China expected to dominate, as reported by BloombergNEF

Decarbonization Avenues

  • Energy Efficient Industrial Equipment
  • Battery Storage

    • Keywords

  • renewable energy storage
  • EV batteries

    • Latest Data Matters

    90% Carbon emissions need to be reduced from steel production
    Petrochemicals sector in India is going to bloom upto humongous USD 1 trillion economy - by 2040
    An average American consumes about 10 times as much electricity as an Indian
    50% fuel consumption to the same distance as a standard aircraft (The NASA’s way)
    90% returns as Efficiency in EV vehicles - what goes comes around
    Oceans holds almost 60 times as much CO2 compared to atmosphere
    70% of the CO2 emission is by Coal-fired power plants
    Energy Efficiency projects have paybacks almost 3 to 4 times higher than Renewable Energy projects
    The efficiency power generation systems can ride upto 80% by implementation of Waste heat recovery techniques
    Replacing inefficient motors could save $375 billion globally
    A third of global economy tied to science-based climate targets – SBTi CEO
    More than 60 million trucks are driving around our planet, causing millions of metric tons of CO2 emissions.
    If Levi’s were a nation, it would be the fourth largest climate polluter on Earth
    Microsoft to erase its carbon footprint, past and future, in climate push
    World has 400 GW of nuclear capacity now?
    3159 Active Waste Dump Sites Contributing to 20% of Methane Emissions in India
    Record $1.8 Trillion Investment in Global Clean Energy in 2023
    Energy Transition Minerals Market Size Doubles to USD 320 Billion in 2022
    Global Renewable Capacity to Add 3,700 GW by 2028
    India's Renewable Energy Capacity Reached 136.6 GW by 2023
    370 Million Acres of Forests in North America Certified by SFI
    CEMEX Reduces CO2 Emissions by 13% in Cement Production
    Only 18% of Companies On Track to Achieve Net Zero Emissions by 2050
    The $100 Trillion Decarbonization Investment Opportunity
    $1.4 Trillion Green Hydrogen Market Expected by 2050
    Global CO2 Capture Capacity 243.97 Mtpa (2022)
    Electric Car Sales Estimated to Be 17 Million in 2024
    USD 320 Billion - Hydrogen Sector Investments by 2030
    $7 Billion Funding for U.S. Regional Clean Hydrogen Hubs
    ONGC's Rs 2 Lakh Crore Investment Plan for Net-Zero Carbon Emissions by 2038
    Global Commitment to SBTi Climate Targets Now Worth $38 Trillion in Market Cap by 2021
    Sustainable Bond Issuance To Near $1 Trillion in 2024
    Sustainable Aviation Fuel Market Projected to Grow Over 45% CAGR by 2032
    Solar Energy Capacity Must Expand by 7,000% to 75 TW by 2050
    Energy Storage Market to Reach USD 99.72 Billion by 2029
    View all