Energy storage market projected to reach $187.6 billion by 2034

The global energy storage market is undergoing significant expansion, driven by the rise of renewable energy, electric transportation, and digital networks. According to DataIntelo, the market is valued at $79.4 billion in 2025 and is projected to reach $187.6 billion by 2034, representing a compound annual growth rate of 10.2% from 2026 to 2034. As of 2025, worldwide battery electrical energy storage deployments exceeded 300 GWh.

To support these evolving systems, advancements in modeling and hardware design are critical. Multiphysics modeling, such as that provided by COMSOL Multiphysics, is being used to investigate transport phenomena in gas diffusion electrodes (GDEs). These models help engineers understand the complex interactions of heat, mass, and charge transport in electrochemical technologies like CO2 reduction, flow batteries, and hydrogen/oxygen reactions. Such research indicates that optimizing cell architecture and operating conditions can be as impactful for device performance as changing electrocatalyst materials.