The lithium-ion battery energy storage market size is projected to reach US$ 36.7 billion by 2031 from US$ 14.12 billion in 2023. The market is expected to register a CAGR of 12.7% during 2023–2031. The rise in demand for virtual power plants is expected to remain a key trend in the lithium-ion battery energy storage market. The growing demand for renewable power generation across the world is projected to fuel market growth during the forecast period. In addition, the growing establishment of solar and wind power plants in the regions including Asia Pacific, Europe, and North America is anticipated to fuel the demand for lithium-ion battery energy storage, which in turn is projected to drive the market growth from 2023 to 2031. Moreover, the growth of the electric vehicle (EV) industry across the globe to reduce carbon emissions in the transportation industry is projected to fuel the demand for renewable power generation and battery energy storage solutions, which will result in fueling the market growth in the analyzed timeframe.
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Top Key Major Players:
- NextEra Energy
- Inc.
- KORE Power
- Enel Green Power
- Dragonfly Energy
- Siemens Energy
- ESS
- Inc.
- Ameresco Solar
- ACE Battery