Energy Storage Market: Global Industry Analysis and Forecast (2024-2030) by Technology, End-User, and Region

  • Energy Storage Market size was valued at US$ 20.97 Bn. in 2023. Global Energy Storage Market is estimated to grow at a CAGR of 19% over the forecast period.

  • Format : PDF | Report ID : SMR_291

Energy Storage Market Overview:

Energy storage is a strategic instrument for enabling effective renewable energy integration and unleashing the benefits of local generation while also ensuring a clean and reliable energy supply. The technology continues to demonstrate its worth to grid operators throughout the world who must manage solar and wind energy's variable generation. Advanced energy storage systems (ESS) development, on the other hand, has been concentrated on a few markets, especially in highly developed economies. ESSs are still expensive, despite rapidly reducing costs, and the large upfront investment required is difficult to overcome without government assistance and/or low-cost financing. Energy Storage Market report's segment analysis is provided on the basis of the technology, end-user and region.

 

According to the SMR research, energy storage installations across the globe would total 160 gigawatts/445 gigawatt-hours by the end of 2030, more than twenty times greater than the 19 gigawatts/41 gigawatt-hours online at the end of 2020. By 2030, the United States and China are expected to account for near to half of all global storage installations. Storage adoption in the United States is fueled by state governments' and utilities' clean energy goals. The ambitious aim of 30 gigawatts of cumulative development by 2025 in China, along with stronger renewable integration standards, is expected to enhance storage installations capacity.

Energy Storage Market

 

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Energy Storage Market Dynamics:

Growing demand for an Energy Storage System across the globe:

 

According to the International Energy Agency (IEA), emerging countries have tripled their electrical power output by 2020 to keep up with increased demand. These countries are expected to account for 80% of the total growth in both energy production and consumption by 2035. A significant percentage of this new generation capacity will most likely come from renewable sources in order to achieve global goals for reducing greenhouse-gas emissions. While the cost of renewable energy continues to plummet, integrating and successfully utilizing these new resources, particularly in areas where grid infrastructure is lacking, will help in energy storage market growth.

 

Over the last several decades, it has become clear that the traditional, centralized grid cannot or will not supply basic electrical service to disadvantaged areas in a timely and cost-effective manner. The potential for distributed and remote power systems to provide service across the globe is considerable, but they face a number of challenges.

 

These systems are undergoing a constant technical revolution that is assisting in the removal of traditional impediments to energy supply continuity. Furthermore, the energy storage market is shaping up as a result of the ongoing promotion of renewable energy resources and energy storage technologies, which have lately gained prominence. The increased focus on renewable energy production is primarily due to rising global energy consumption.

 

Sinking Cost and New Deployment Incentives:

 

High investments in energy storage are being fueled by falling costs and new deployment incentives. Depending on the application, expenses have dropped by 74% since 2013 and are expected to drop at an annual rate of 9% through the mid 2022s. The investments from leading countries such as China, the United States, and several other countries are expected to increase by $620 billion over the next two decades. In addition, Energy storage deployments in emerging nations are expected to increase by more than 40% yearly over the next decade, adding almost 80 GW of new storage capacity to the estimated 2 GW currently in use.

 

Growing need for Energy Storage in Automotive Industry:

 

Electric mobility is a growing trend in the automotive industry which is driving demand for energy storage market across the globe. The attention of global government agencies such as Environmental Government Agencies and others is focused on the implementation of carbon dioxide emission limitations. For example, China is enhancing electric vehicle production, with having 0.9 million electric car units on the road by 2020. There is also a global focus on reducing carbon dioxide emissions and introducing electric vehicles that are both environmentally benign and suit transportation needs.

Growing Population and Industrialization across the Globe:

 

Energy storage market growth is being driven by the ever-increasing population and rate of urbanization in growing regions, which is escalating global energy demand. The world's growing population generating high demand for energy across the globe. Simultaneously, global fast industrialization creates a significant energy need. With the growth of industrial infrastructure, metro cities are seeing a surge in demand for energy storage.

 

High Initial Investment and Maintenance Cost:

 

Initial investment requirements and prohibitive expenses connected with the installation and maintenance of energy storage systems may have a detrimental influence on energy storage market growth and sales. As a result, manufacturers are concentrating their efforts on lowering the overall cost of building energy storage devices. In addition, the lack of a clear supervisory framework for energy storage systems creates barriers to industry growth.

 

Energy Storage Market Segment Analysis:

By Technology, the Energy Storage Market is segmented into Batteries, Pumped-Storage Hydroelectricity (PSH), Thermal Energy Storage (TES), Flywheel Energy Storage (FES), and Others. The Batteries segment has dominated the market with an 83.2% share in 2023. In the transition to a sustainable energy system, battery energy storage is seen as a vital technology. Battery energy storage systems control voltage and frequency, lower peak demand charges, incorporate renewable energy sources, and offer backup power. Batteries are a critical component in energy storage systems, accounting for roughly 60% of the system's total cost. Batteries, on the other hand, are only expected to contribute to a small part of the overall installed storage capacity.

 

Lead-acid, Lithium-ion, Nickel-metal hydride (NiMH), Nickel-cadmium (NiCD), Nickel-zinc (NiZn), and flow batteries are among the several types of batteries used in energy storage systems. Thanks to their low pricing, lithium-ion batteries are in high demand in the battery energy storage sector. For example, the US Department of Energy (DOE) has set an interim pricing target of USD 125 per kWh by 2020, with costs for lithium-ion batteries expected to drop to USD 73 per kWh by 2030. In addition, lithium-ion batteries are predicted to have the largest share of the battery energy storage market due to their low maintenance, lightweight, long cycle life, high energy density in terms of volume, and high charge/discharge efficiency.

 

Energy Storage Market

 

Energy Storage Market Regional Insights:

The Asia Pacific region dominated the market with a 48% share in 2023. There are two primary types of electricity grids in the region, each with its own set of characteristics and potential for energy storage systems. On one hand, highly industrialized countries such as Japan, South Korea, New Zealand, and Australia, as well as other large cities, have advanced grids that work dependably and employ cutting-edge technology. On the other hand, several countries are still constructing basic infrastructural systems, and their electricity grids are unstable or limited. Rapid population growth and urbanisation are also occurring in developing regions, increasing the need for electricity. As a result, the energy storage market is expected to boost throughout the forecast period.

 

The North America region is expected to witness noteworthy growth at a CAGR of 16.8% during the forecast period. Energy storage devices are critical in applications such as UPS and data centers because this region is prone to frequent power outages. The energy storage market in this region has been pushed by the benefits of modern energy storage systems, such as cost-effectiveness, environmental friendliness, and reliability. In addition, the growth of the regional market is aided by the deployment of storage in front of the meter for grid applications. The region has a strong energy storage funding framework, which is expected to help the region’s behind-the-meter storage installations significantly.

 

The objective of the report is to present a comprehensive analysis of the Global Energy Storage Market to the stakeholders in the industry. The report provides trends that are most dominant in the Global Energy Storage Market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the global market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the Global Energy Storage Market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Global Energy Storage Market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the global market.

Energy Storage Market

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals are existing, who they are, and how their product quality is in the Global Energy Storage Market. The report also analyses if the Global Energy Storage Market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Global Energy Storage Market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Global Energy Storage Market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the global market is aided by legal factors.

 

Energy Storage Market Scope:

Energy Storage Market

Market Size in 2023

USD 20.97 Bn.

Market Size in 2030

USD 70.89 Bn.

CAGR (2024-2030)

19%

Historic Data

2018-2022

Base Year

2023

Forecast Period

2024-2030

Segment Scope

by Technology

  • Batteries
  • Pumped-Storage Hydroelectricity (PSH)
  • Thermal Energy Storage (TES)
  • Flywheel Energy Storage (FES)
  • Others

by End User

  • Utility
  • Commercial & Industrial
  • Residential

Regional Scope

North America- United States, Canada, and Mexico

Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe

Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC

Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa

South America – Brazil, Argentina, Rest of South America

 

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)


Frequently Asked Questions

The segments covered in the Energy Storage Market report are based on Technology and End-User.

Chapter 1 Scope of the Report
Chapter 2 Research Methodology

      2.1. Research Process
      2.2. Global Energy Storage Market: Target Audience
      2.3. Global Energy Storage Market: Primary Research (As per Client Requirement)
      2.4. Global Energy Storage Market: Secondary Research
Chapter 3 Executive Summary
Chapter 4 Competitive Landscape

      4.1. Market Share Analysis, By Value, 2023-2030
            4.1.1. Market Share Analysis, By Region, By Value, 2023-2030 (In %)
                  4.1.1.1. North America Market Share Analysis, By Value, 2023-2030 (In %)
                  4.1.1.2. Europe Market Share Analysis, By Value, 2023-2030 (In %)
                  4.1.1.3. Asia Pacific Market Share Analysis, By Value, 2023-2030 (In %)
                  4.1.1.4. South America Market Share Analysis, By Value, 2023-2030 (In %)
                  4.1.1.5. Middle East and Africa Market Share Analysis, By Value, 2023-2030 (In %)
            4.1.2.    Market Share Analysis, By Technology, By Value, 2023-2030 (In %) 
                  4.1.2.1. North America Market Share Analysis, By Technology, By Value, 2023-2030 (In %)
                              4.1.2.1.1. USA Market Share Analysis, By Technology, By Value, 2023-2030 (In %)
                              4.1.2.1.2. Canada Market Share Analysis, By Technology, By Value, 2023-2030 (In %)
                              4.1.2.1.3. Mexico Market Share Analysis, By Technology, By Value, 2023-2030 (In %)
                  4.1.2.2. Europe Market Share Analysis, By Technology, By Value, 2023-2030 (In %)
                              4.1.2.2.1. UK Market Share Analysis, By Technology, By Value, 2023-2030 (In %)
                              4.1.2.2.2. France Market Share Analysis, By Technology, By Value, 2023-2030 (In %)
                              4.1.2.2.3. Germany Market Share Analysis, By Technology, By Value, 2023-2030 (In %)
                              4.1.2.2.4. Italy Market Share Analysis, By Technology, By Value, 2023-2030 (In %)
                              4.1.2.2.5. Spain Market Share Analysis, By Technology, By Value, 2023-2030 (In %)
                              4.1.2.2.6. Sweden Market Share Analysis, By Technology, By Value, 2023-2030 (In %)
                              4.1.2.2.7. Austria Market Share Analysis, By Technology, By Value, 2023-2030 (In %)
                              4.1.2.2.8. Rest of Europe Market Share Analysis, By Technology, By Value, 2023-2030 (In %)
                  4.1.2.3. Asia Pacific Market Share Analysis, By Technology, By Value, 2023-2030 (In %)
                              4.1.2.3.1. China Market Share Analysis, By Technology, By Value, 2023-2030 (In %)
                              4.1.2.3.2. India Market Share Analysis, By Technology, By Value, 2023-2030 (In %)
                              4.1.2.3.3. Japan Market Share Analysis, By Technology, By Value, 2023-2030 (In %)
                              4.1.2.3.4. South Korea Market Share Analysis, By Technology, By Value, 2023-2030 (In %)
                              4.1.2.3.5. Australia Market Share Analysis, By Technology, By Value, 2023-2030 (In %)
                              4.1.2.3.6. ASEAN Market Share Analysis, By Technology, By Value, 2023-2030 (In %)
                              4.1.2.3.7. Rest of APAC Market Share Analysis, By Technology, By Value, 2023-2030 (In %)
                  4.1.2.4. South America Market Share Analysis, By Technology, By Value, 2023-2030 (In %)
                              4.1.2.4.1. Brazil Market Share Analysis, By Technology, By Value, 2023-2030 (In %)
                              4.1.2.4.2. Argentina Market Share Analysis, By Technology, By Value, 2023-2030 (In %)
                              4.1.2.4.3. Rest of South America Market Share Analysis, By Technology, By Value, 2023-2030 (In %)
                  4.1.2.5. Middle East and Africa Market Share Analysis, By Technology, By Value, 2023-2030 (In %)
                              4.1.2.5.1. South Africa Market Share Analysis, By Technology, By Value, 2023-2030 (In %)
                              4.1.2.5.2. GCC Market Share Analysis, By Technology, By Value, 2023-2030 (In %)
                              4.1.2.5.3. Egypt Market Share Analysis, By Technology, By Value, 2023-2030 (In %)
                              4.1.2.5.4. Nigeria Market Share Analysis, By Technology, By Value, 2023-2030 (In %)
                              4.1.2.5.5. Rest of Middle East and Africa Market Share Analysis, By Technology, By Value, 2023-2030 (In %)
            4.1.3.    Market Share Analysis, By End-User, By Value, 2023-2030 (In %)
                  4.1.3.1. North America Market Share Analysis, By End-User, By Value, 2023-2030 (In %)
                              4.1.3.1.1. USA Market Share Analysis, By End-User, By Value, 2023-2030 (In %)
                              4.1.3.1.2. Canada Market Share Analysis, By End-User, By Value, 2023-2030 (In %)
                              4.1.3.1.3. Mexico Market Share Analysis, By End-User, By Value, 2023-2030 (In %)
                  4.1.3.2. Europe Market Share Analysis, By End-User, By Value, 2023-2030 (In %)
                              4.1.3.2.1. UK Market Share Analysis, By End-User, By Value, 2023-2030 (In %)
                              4.1.3.2.2. France Market Share Analysis, By End-User, By Value, 2023-2030 (In %)
                              4.1.3.2.3. Germany Market Share Analysis, By End-User, By Value, 2023-2030 (In %)
                              4.1.3.2.4. Italy Market Share Analysis, By End-User, By Value, 2023-2030 (In %)
                              4.1.3.2.5. Spain Market Share Analysis, By End-User, By Value, 2023-2030 (In %)
                              4.1.3.2.6. Sweden Market Share Analysis, By End-User, By Value, 2023-2030 (In %)
                              4.1.3.2.7. Austria Market Share Analysis, By End-User, By Value, 2023-2030 (In %)
                              4.1.3.2.8. Rest of Europe Market Share Analysis, By End-User, By Value, 2023-2030 (In %)
                  4.1.3.3. Asia Pacific Market Share Analysis, By End-User, By Value, 2023-2030 (In %)
                              4.1.3.3.1. China Market Share Analysis, By End-User, By Value, 2023-2030 (In %)
                              4.1.3.3.2. India Market Share Analysis, By End-User, By Value, 2023-2030 (In %)
                              4.1.3.3.3. Japan Market Share Analysis, By End-User, By Value, 2023-2030 (In %)
                              4.1.3.3.4. South Korea Market Share Analysis, By End-User, By Value, 2023-2030 (In %)
                              4.1.3.3.5. Australia Market Share Analysis, By End-User, By Value, 2023-2030 (In %)
                              4.1.3.3.6. ASEAN Market Share Analysis, By End-User, By Value, 2023-2030 (In %)
                              4.1.3.3.7. Rest of APAC Market Share Analysis, By End-User, By Value, 2023-2030 (In %)
                  4.1.3.4. South America Market Share Analysis, By End-User, By Value, 2023-2030 (In %)
                              4.1.3.4.1. Brazil Market Share Analysis, By End-User, By Value, 2023-2030 (In %)
                              4.1.3.4.2. Argentina Market Share Analysis, By End-User, By Value, 2023-2030 (In %)
                              4.1.3.4.3. Rest of South America Market Share Analysis, By End-User, By Value, 2023-2030 (In %)
                  4.1.3.5. Middle East and Africa Market Share Analysis, By End-User, By Value, 2023-2030 (In %)
                              4.1.3.5.1. South Africa Market Share Analysis, By End-User, By Value, 2023-2030 (In %)
                              4.1.3.5.2. GCC Market Share Analysis, By End-User, By Value, 2023-2030 (In %)
                              4.1.3.5.3. Egypt Market Share Analysis, By End-User, By Value, 2023-2030 (In %)
                              4.1.3.5.4. Nigeria Market Share Analysis, By End-User, By Value, 2023-2030 (In %)
                              4.1.3.5.5. Rest of Middle East and Africa Market Share Analysis, By End-User, By Value, 2023-2030 (In %)
      4.2. Stellar Competition matrix
            4.2.1. Global Stellar Competition Matrix
            4.2.2. North America Stellar Competition Matrix
            4.2.3. Europe Stellar Competition Matrix
            4.2.4. Asia Pacific Stellar Competition Matrix
            4.2.5. South America Stellar Competition Matrix
            4.2.6. Middle East and Africa Stellar Competition Matrix
      4.3. Key Players Benchmarking 
            4.3.1. Key Players Benchmarking By Technology, Pricing, Market Share, Investments, Expansion Plans, Physical Presence and Presence in the Market.
      4.4. Mergers and Acquisitions in Industry
            4.4.1. M&A by Region, Value and Strategic Intent
      4.5. Market Dynamics
            4.5.1. Market Drivers
            4.5.2. Market Restraints
            4.5.3. Market Opportunities
            4.5.4. Market Challenges
            4.5.5. PESTLE Analysis
            4.5.6. PORTERS Five Force Analysis
            4.5.7. Value Chain Analysis
Chapter 5 Global Energy Storage Market Segmentation: By Technology
      5.1. Global Energy Storage Market, By Technology, Overview/Analysis, 2023-2030
      5.2. Global Energy Storage Market, By Technology, By Value, Market Share (%), 2023-2030 (USD Million)
      5.3. Global Energy Storage Market, By Technology, By Value, - 
            5.3.1. Batteries
            5.3.2. Pumped-Storage Hydroelectricity (PSH)
            5.3.3. Thermal Energy Storage (TES)
            5.3.4. Flywheel Energy Storage (FES)
            5.3.5. Others 
Chapter 6 Global Energy Storage Market Segmentation: By End-User
      6.1. Global Energy Storage Market, By End-User, Overview/Analysis, 2023-2030
      6.2. Global Energy Storage Market Size, By End-User, By Value, Market Share (%), 2023-2030 (USD Million)
      6.3. Global Energy Storage Market, By End-User, By Value, - 
            6.3.1. Utility
            6.3.2. Commercial & Industrial
            6.3.3. Residential
Chapter 7 Global Energy Storage Market Segmentation: By Region
      7.1. Global Energy Storage Market, By Region – North America
            7.1.1. North America Energy Storage Market Size, By Technology, By Value, 2023-2030 (USD Million)
            7.1.2. North America Energy Storage Market Size, By End-User, By Value, 2023-2030 (USD Million)
            7.1.3. By Country – U.S.
                  7.1.3.1. U.S. Energy Storage Market Size, By Technology, By Value,  2023-2030 (USD Million)
                  7.1.3.2. U.S. Energy Storage Market Size, By End-User, By Value, 2023-2030 (USD Million)
                  7.1.3.3. Canada Energy Storage Market Size, By Value, 2023-2030 (USD Million)
                  7.1.3.4. Mexico Energy Storage Market Size, By Value, 2023-2030 (USD Million)
      7.2. Europe Energy Storage Market Size, By Value, 2023-2030 (USD Million)
            7.2.1. UK
            7.2.2. France
            7.2.3. Germany
            7.2.4. Italy
            7.2.5. Spain 
            7.2.6. Sweden
            7.2.7. Austria
            7.2.8. Rest of Europe
      7.3. Asia Pacific Energy Storage Market Size, By Value, 2023-2030 (USD Million)
            7.3.1. China
            7.3.2. India
            7.3.3. Japan
            7.3.4. South Korea
            7.3.5. Australia
            7.3.6. ASEAN
            7.3.7. Rest of APAC
      7.4. Middle East and Africa Energy Storage Market Size, By Value, 2023-2030 (USD Million)
            7.4.1. South Africa
            7.4.2. GCC 
            7.4.3. Egypt
            7.4.4. Nigeria
            7.4.5. Rest of Middle East and Africa
      7.5. South America Energy Storage Market Size, By Value, 2023-2030 (USD Million)
            7.5.1. Brazil
            7.5.2. Argentina
            7.5.3. Rest of South America
Chapter 8 Company Profiles
      8.1. Key Players
            8.1.1. Greenko Energies Pvt Ltd (India)
                  8.1.1.1. Company Overview
                  8.1.1.2. Product Portfolio
                  8.1.1.3. Financial Overview
                  8.1.1.4. Business Strategy
                  8.1.1.5. Key Developments
            8.1.2. Siemens Energy (Germany)
            8.1.3. ABB Ltd. (Switzerland)
            8.1.4. Eos Energy Storage (United States)
            8.1.5. GS Yuasa Corporation (Japan)
            8.1.6. Contemporary Amperex Technology Co. Limited (China)
            8.1.7. UniEnergy Technologies (United States)
            8.1.8. BYD Co. Ltd (China)
            8.1.9. Tesla Inc. (US)
            8.1.10. General Electric Company (US)
            8.1.11. AES Corporation (US)
            8.1.12. Sulzer Ltd. (Switzerland)
            8.1.13. Hydrostor Inc. (Canada)
            8.1.14. Voith GmbH (Germany)
            8.1.15. Linde AG (Germany)
            8.1.16. Hydrogenics Corporation (Canada)
            8.1.17. Highview Power Storage (UK),
            8.1.18. SolarReserve LLC. (US) 
      8.2. Key Findings
      8.3. Recommendations

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