Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Powered Storage Devices Market size was valued at USD 17.27 billion in 2024 and is set to exceed USD 107.47 billion by 2037, expanding at over 15.1% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of powered storage devices is estimated at USD 19.49 billion.
This growth in the market revenue is set to be influenced by the growing demand for renewable energy. It is predicted that between 2022 and 2027, worldwide renewable capacity is expected to increase by almost 2 399 GW, or nearly 74%.
The primary sources of renewable energy generation are natural occurrences. For instance, hydroelectric power is contingent upon seasonal river flows, solar power is dependent upon daylight hours, and wind power is contingent upon wind constancy. Therefore, the amounts produced are erratic. As humans frequently require varying amounts of energy at different times of the day and year, the energy demand is also not consistent.
Therefore, it makes sense to store extra renewable energy when it is generated more than what is required so that it can be used when demand for renewable energy surpasses supply.
