U.S. energy storage will nearly triple by 2031, driven by lower costs, renewables, and incentives.

The U.S. energy storage market is set to grow from 67.53 gigawatts in 2026 to 194.88 gigawatts by 2031, driven by falling battery costs, renewable integration, and federal incentives. In India, battery storage capacity could reach 346 GWh by 2033, with up to 544 GWh possible under strong policy momentum, supported by Energy Storage Obligations, funding, and grid access waivers. ACME Solar has launched 143MW/481.48MWh of BESS in Rajasthan, part of a larger 585MW/2,011MWh project, with contracts ensuring peak power delivery. India’s overall energy storage market is projected to expand at a 40.04% CAGR to 7,430.0 MWh by 2034, fueled by renewable targets, hybrid tenders, and domestic manufacturing.