By any measure, 2020 served as a banner year for the global energy storage market, despite significant challenges posed by the COVID-19 pandemic. Investment in storage projects worldwide in 2020 increased almost 40% year-over-year to $5.5b, which included more than $1.5b in the United States. Moreover, 3.5 GWh of new storage capacity were installed in the United States in 2020, more than the 3.1 GWh of storage capacity installed between 2013 and 2019 combined.

The future for storage promises even greater growth. Global energy storage capacity is expected to increase at a compound annual growth rate of 31% through 2030, reaching 741 GWh of total capacity by 2030. Over 10 GW of storage capacity is expected to be added worldwide in 2021, and the United States will account for half of those additions. By 2026, the United States is expected to add 33 GWh annually, representing an $8.5 billion domestic annual energy storage market.