New York, Aug. 02, 2023 (GLOBE NEWSWIRE) — The global grid scale battery market size is predicted to grow at a CAGR of over ~32% from 2023 to 2035. The market is projected to garner a revenue of USD 106 billion by the end of 2035, up from a revenue of ~USD 5 billion in the year 2022. The market growth is attributed to increasing investments in renewable energy and the low cost of grid batteries in the coming years. The scarcity of renewable energy sources around the world and rising electricity consumption with increasing population are expected to drive the growth of the market. Global electricity consumption increased by more than 25,000 terawatt hours in 2021. The increasing number of electronic devices used worldwide also increases the growth of the market.

(GlobeNewsWire)