Rapid Growth Expected in Battery Energy Storage System Market, Projected at USD 25.6 Billion by 2029

The global battery energy storage market size is estimated to be USD 7.8 billion in 2024 and is projected to reach USD 25.6 billion by 2029, at a CAGR of 26.9% during the forecast period according to a new report by MarketsandMarkets™. The battery energy storage system market is growing rapidly due to the increased use of renewable energy sources. The expansion of electric vehicles (EVs) is also boosting demand for efficient and reliable charging infrastructure, where battery energy storage systems are essential for managing peak loads and stabilizing the grid. Moreover, improvements in battery technology, cost reductions, and supportive government policies and incentives are making these systems more accessible and affordable for various uses, further driving market growth.