Market for Battery Energy Storage Systems (BESS) to Grow by a Whopping 21% through 2030, Bolstered by Increasing Energy Demand and Transition to Clean Energy Sources

Industry Experts, Inc., has released its latest report on the Battery Energy Storage Systems (BESS) market . As per this global report, the market for BESS is estimated at US$13.7 billion in 2024 and projected to reach US$43.4 billion by 2030 at a 2024-2030 CAGR of 21.3%. Some of the factors instrumental in driving demand for Battery Energy Storage Systems include transition to clean energy, decreasing costs of batteries, increasing energy demand & grid strain, government initiatives & policies, enhanced grid reliability & resilience, technological advancements, growing adoption of electric vehicles (EVs), demand for energy independence & cost savings and rural electrification & off-grid solutions In addition to being the largest global market for Battery Energy Storage Systems , with an estimated 2024 share of 42.2%, Asia-Pacific is also slated to be the fastest growing, forecast to reflect a 2024-2030 compounded annual rate of 36.1%. A major factor ...