An annual growth rate (CAGR) of 21% is forecast until 2029, with a total value of 3,446 GWh. Energy storage batteries in particular are expected to drive demand with an impressive growth rate of 67.4% per year. However, the market for battery manufacturing equipment faces challenges but is estimated to reach 29.5 billion dollars by 2029.

Despite the growth, the forecast has been revised downwards due to lower than expected penetration of electric vehicles in the US and Europe. US demand is declining as new industrial policies shift the focus away from green energy. In contrast, the energy storage market is showing strong growth, particularly in the US, Australia and China. Australia is planning 35 GWh of projects, while China is recording more new energy storage installations than pumped storage plants for the first time.