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The energy storage industry is well-positioned for success in 2023, as a wave of positive changes in the energy landscape means more investment, innovation, and growth. Clean energy transition and decarbonization initiatives are driving increases in renewable energy investments, leading to groundbreaking research and development into new efficient storage capabilities. Meanwhile, demand is steadily increasing as industry stakeholders recognize the value of having access to reliable and sustainable sources of electricity. Therefore, clean energy storage stocks are poised to break out over the next few years.
The energy storage market will continue to grow due to the growing demand for peak load management and balancing grid operations. Moreover, digital transformation has been a major catalyst for the market, facilitating new and innovative solutions. Acumen Research and Consulting predicts that the Energy Storage as a Service Market is expected to surpass $2.62 billion in total value by 2028, a 9.8% bump in compound annual growth.