Global Energy Storage Market to Expand at 19% CAGR, Valued at USD 20.97 Billion in 2023

[Aarti Ghodke]

Energy Storage Market Overview

The global Energy Storage Market was valued at USD 20.97 billion in 2023 and is projected to grow at a robust CAGR of 19%, reaching USD 70.89 billion by 2030. Energy storage systems (ESS) are becoming essential in the transition towards renewable energy, offering solutions for grid stability and managing the variability of renewable sources like solar and wind. Despite the declining costs of these systems, significant investments and supportive policies are required to overcome the high initial costs and ensure widespread adoption, particularly in less developed regions.

Energy Storage Market Report Dynamics

Growing Renewable Energy Integration: With global efforts to reduce greenhouse gas emissions, there is a strong push for renewable energy adoption. This is driving the demand for energy storage systems that can store and distribute energy more efficiently, especially in regions where grid infrastructure is underdeveloped.

Falling Costs and Increased Investment: Since 2013, the cost of energy storage systems has fallen by nearly 74%, spurred by technological advancements and new deployment incentives. Investments are expected to increase globally, with countries like China and the U.S. leading the charge. Over the next decade, emerging markets are expected to see storage capacity grow by over 40% annually.

Energy Demand in Automotive and Industrial Sectors: The surge in electric vehicles (EVs) is another key driver of growth. Governments around the world are incentivizing cleaner transportation options, including EVs, creating a rising demand for advanced battery technologies. Additionally, industrial growth and urbanization, particularly in emerging economies, continue to fuel the demand for reliable energy storage solutions.

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Energy Storage Market Scope

The report provides a detailed description of major segments with several sub-segments. The primary and secondary collection data sources were used to collect data for the Energy Storage Market. Primary research sources include press releases, yearly reports, government websites, and the opinions of numerous specialists, analysts, experts, and researchers from different companies in Energy Storage the industry. Political, social, economic and other market scenarios are examples of secondary sources. The data from these two sources are combined to create a report that provides information on the conditions required for higher growth.

Energy Storage Market Regional Insights

The report includes a thorough analysis of all the factors, market size, growth rate, and import and export in regions. The Regional Analysis used in the report to understand the Energy Storage market status in various countries.  The Energy Storage market is broadly segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.

Energy Storage Market Segmentation

 

• By Technology:
  • Batteries: Dominating the market with an 83.2% share in 2023, battery storage systems are critical for voltage regulation, frequency control, and integrating renewable energy sources. Lithium-ion batteries are particularly favored due to their low cost, high efficiency, and long cycle life, accounting for around 60% of the total system cost.
  • Pumped-Storage Hydroelectricity (PSH): While less prominent, PSH remains a viable large-scale energy storage option, especially in regions with suitable geographic conditions.
  • Thermal Energy Storage (TES) and Flywheel Energy Storage (FES): These systems are gaining traction in specific applications but still represent a smaller portion of the overall market.
• By End User:
  • Utility: Energy storage is crucial for grid management and supporting the integration of intermittent renewable energy sources.
  • Commercial & Industrial: The need for reliable backup power and energy cost savings is driving adoption in these sectors.
  • Residential: Growing interest in home-based energy storage, particularly in areas with frequent power outages, is supporting demand.

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Energy Storage Market Key Players

Greenko Energies Pvt Ltd (India)
Siemens Energy (Germany)
ABB Ltd. (Switzerland)
Eos Energy Storage (United States)
GS Yuasa Corporation (Japan)
Contemporary Amperex Technology Co. Limited (China)
UniEnergy Technologies (United States)
BYD Co. Ltd (China)
Tesla Inc. (US)
General Electric Company (US)
AES Corporation (US)
Sulzer Ltd. (Switzerland)
Hydrostor Inc. (Canada)
Voith GmbH (Germany)
Linde AG (Germany)
Hydrogenics Corporation (Canada)
Highview Power Storage (UK),
SolarReserve LLC. (US)

Conclusion

The global energy storage market is poised for rapid growth, driven by the increasing demand for renewable energy, advancements in battery technology, and declining costs. While high initial investment and regulatory challenges remain, ongoing innovations and government support are expected to drive adoption across utility, commercial, and residential sectors. The Asia-Pacific and North American regions will continue to lead the way, supported by strong investments and progressive energy policies.

Key questions answered in the Energy Storage Market are:

1. What is Energy Storage?
2. What was the Energy Storage market size in 2023?
3. What is the growth rate of the Energy Storage Market?
4. Which are the factors expected to drive the Energy Storage market growth?
5. What are the different segments of the Energy Storage Market?
6. What growth strategies are the players considering to increase their presence in Energy Storage?
7. What are the upcoming industry applications and trends for the Energy Storage Market?
8. What are the recent industry trends that can be implemented to generate additional revenue streams for the Energy Storage Market?
9. What segments are covered in the Energy Storage Market?
10. Who are the leading companies and what are their portfolios in Energy Storage Market?
11. What segments are covered in the Energy Storage Market?
12. Who are the key players in the Energy Storage market?

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Key Offerings:

1. Past Market Size and Competitive Landscape (2018 to 2022)
2. Past Pricing and price curve by region (2018 to 2022)
3. Market Size, Share, Size & Forecast by Different Segment | 2024-2030
4. Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
5. Market Segmentation – A detailed analysis by segment with their sub-segments and Region
6. Competitive Landscape – Profiles of selected key players by region from a strategic perspective
   • Competitive landscape – Market Leaders, Market Followers, Regional player
   • Competitive benchmarking of key players by region
7. PESTLE Analysis
8. PORTER’s analysis
9. Value chain and supply chain analysis
10. Legal Aspects of Business by Region
11. Lucrative business opportunities with SWOT analysis
12. Recommendations

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