Energy Storage Market Analysis by Report and Growth (2023 - 2030) | UnivDatos

Wed, 26 Mar 2025 11:33:18 +0000

According to a new report by UnivDatos, The Energy Storage Market was valued at around USD 2.00 BN in 2022 and grow at a strong CAGR of around 13.5 % during the forecast period 2023-2030. The demand for energy storage systems is driven by the increasing need to reduce the dependence on oil, gas, and coal for electricity generation in order to reduce the carbon emission. In 2019, transportation and electricity generation were responsible for nearly 54% of greenhouse gas emission in US. As a result, nations across the globe are shifting towards renewable energy sources. However, fluctuating power requirements during different time of a day propelling the demand for energy storage systems from renewable energy power plants. These energy storage devices store the generated energy from power plants during low energy demand and supply the energy during the peak hours.