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Energy Storage Market Outlook Report

Published On: Feb, 2025
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Pages: 150

The Energy Storage Market is estimated at USD 41,416 million in 2022. Further, the market is expected to grow from USD 47,346 million in 2023 to USD 156,487 million in 2030 at a CAGR of 18.6%.

Energy Storage Market Market Overview

Energy storage technologies are systems and devices designed to capture, store, and release energy for later use. These technologies enable the storage of electrical, mechanical, thermal, or chemical energy in various forms, allowing for flexibility in energy supply and demand management. Energy storage technologies play a crucial role in enhancing the efficiency, reliability, and resilience of energy systems by mitigating the challenges posed by the intermittent nature of renewable energy sources, managing peak demand, and providing backup power during grid outages. 

Latest Trends in Energy Storage Market

Advancements in Solar Energy Storage Technologies:
Solar energy plays an important role in the world's shift to renewable energy, increasing the demand for solar power storage systems. Solar power storage gives constant access to low-cost energy while also supporting the electric grid. However, the lack of adequate storage systems is projected to constitute a significant problem in reaching the full potential of solar energy. The solar business is experiencing tremendous technological developments that promise to improve solar energy efficiency and accessibility.
Technologies such as Perovskite solar cells, bifacial modules, and sophisticated energy storage technologies are making solar power more competitive as well as expanding its applicability in various sectors. In addition, in 2024, significant developments are expected in solar energy storage, with enhanced battery technologies and innovative storage systems. The surge in demand for large-scale commercial and industrial energy storage in 2024 is set to fuel substantial growth in the global energy storage sector. Furthermore, advanced solar battery storage systems will complement higher-efficiency solar panels.

Driving Factors

Increasing Adaption of Renewable Sources:
One of the primary drivers of energy storage market growth is the increasing adoption of renewable energy sources. Solar and wind power installations have proliferated worldwide, but their intermittent nature poses challenges to grid stability. Energy storage systems, including batteries, pumped hydro storage and thermal storage, help mitigate these challenges by storing excess energy during periods of high generation and releasing it when demand exceeds supply.

Market Challenges

Technology Maturity and Reliability: 
Many energy storage technologies like flow battery storage systems are still in the early stages of development, and their performance, reliability, and durability may not be fully proven or optimized. Issues such as battery degradation, cycle life, and safety concerns can impact the economic viability and operational performance of energy storage systems. Lack of confidence in the reliability and long-term performance of energy storage technologies can be a deterrent for potential buyers and investors. 

Companies Mentioned

GS Yuasa Corporation
LG Energy Solution, Ltd.
Samsung SDI Co., Ltd.
BYD Corporation Limited
Panasonic Holdings Corp.

Market Segmentation


Market Split

    
     Detail

By Type
  • Batteries
  • Pumped-storage
  • Thermal Energy Storage
  • Other

By End-Use
  • Utility
  • Commercial and Industrial
  • Residential

By Application
  • Ancillary Services
  • Peaking Capacity
  • Energy Shifting
  • Transmission & Distribution
  • Other

By Geography
  • North America (USA, Canada, Mexico)
  • Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
  • Asia-Pacific (China, India, Japan, Australia, Rest of APAC)
  • The Middle East and Africa (Middle East, Africa)
  • South and Central America (Brazil, Argentina, Rest of SCA)

TABLE OF CONTENTS

1. GLOBAL ENERGY STORAGE INDUSTRY
1.1. Market Scope and Definition
1.2. Study Assumptions

2. ENERGY STORAGE MARKET LATEST TRENDS, DRIVERS AND CHALLENGES, 2022-2030
2.1. Energy Storage Market Latest Trends
2.1.1. Advancements in Solar Energy Storage Technologies:
2.1.2. Expansion of large-scale energy storage:
2.1.3. Subsidies and incentives:
2.1.4. Ambitious Renewable Energy Goals Propel Growth:
2.1.5. The rise of artificial intelligence (AI):
2.2. Energy Storage Market Insights, 2022-2030
2.2.1. Leading Energy Storage by Type, 2022-2030
2.2.2. Dominant Energy Storage by End-User, 2022-2030
2.2.3. Leading Energy Storage Application, 2022-2030
2.2.4. Fast-Growing Geographies for Energy Storage, 2022-2030
2.3. Energy Storage Demand Drivers to 2030
2.3.1. Increasing Adaption of Renewable Sources:
2.3.2. Technological Advancements and R&D:
2.3.3. Supportive Government Policies:
2.4. Energy Storage Challenges to 2030
2.4.1. Higher Costs:
2.4.2. Technology Maturity and Reliability:
2.4.3. Environmental and Sustainability Concerns:
2.5. Energy Storage Market-Five Forces Analysis

3. GLOBAL ENERGY STORAGE MARKET VALUE, MARKET SHARE, AND FORECAST TO 2030
3.1. Global Energy Storage Market Overview, 2022
3.2. Global Energy Storage Market, By Type
3.2.1. Energy Storage Market, By Type, Batteries
3.2.2. Energy Storage Market, By Type, Thermal Energy Storage
3.2.3. Energy Storage Market, By Type, Pumped-storage
3.2.4. Energy Storage Market, By Type, Other
3.3. Global Energy Storage Market, By End-User
3.3.1. Energy Storage Market, By End-User, Commercial and Industrial
3.3.2. Energy Storage Market, By End-User, Utility
3.3.3. Energy Storage Market, By End-User, Residential
3.4. Global Energy Storage Market, By Application
3.4.1. Energy Storage Market, By Application, Energy Shifting
3.4.2. Energy Storage Market, By Application, Peaking Capacity
3.4.3. Energy Storage Market, By Application, Ancillary Services
3.4.4. Energy Storage Market, By Application, Transmission & Distribution
3.4.5. Energy Storage Market, By Application, Other
3.5. Global Energy Storage Market, By Region

4. NORTH AMERICA ENERGY STORAGE MARKET GROWTH
4.1. North America Energy Storage Market, By Type
4.2. North America Energy Storage Market, By End-User
4.3. North America Energy Storage Market, By Application
4.4. North America Energy Storage Market, By Country
4.4.1. United States Energy Storage Market
4.4.2. Canada Energy Storage Market
4.4.3. Mexico Energy Storage Market

5. ASIA-PACIFIC ENERGY STORAGE MARKET GROWTH
5.1. Asia-Pacific Energy Storage Market, By Type
5.2. Asia-Pacific Energy Storage Market, By End-User
5.3. Asia-Pacific Energy Storage Market, By Application
5.4. Asia-Pacific Energy Storage Market, By Country
5.4.1. India Energy Storage Market
5.4.2. China Energy Storage Market
5.4.3. South Korea Energy Storage Market
5.4.4. Rest of Asia-Pacific Energy Storage Market
5.4.5. Japan Energy Storage Market

6. EUROPE ENERGY STORAGE MARKET GROWTH
6.1. Europe Energy Storage Market, By Type
6.2. Europe Energy Storage Market, By End-User
6.3. Europe Energy Storage Market, By Application
6.4. Europe Energy Storage Market, By Country
6.4.1. Germany Energy Storage Market
6.4.2. Spain Energy Storage Market
6.4.3. United Kingdom Energy Storage Market
6.4.4. Rest of Europe Energy Storage Market
6.4.5. Italy Energy Storage Market
6.4.6. France Energy Storage Market

7. MIDDLE EAST AFRICA ENERGY STORAGE MARKET GROWTH
7.1. Middle East Africa Energy Storage Market, By Type
7.2. Middle East Africa Energy Storage Market, By End-User
7.3. Middle East Africa Energy Storage Market, By Application
7.4. Middle East Africa Energy Storage Market, By Country
7.4.1. Africa Energy Storage Market
7.4.2. Middle East Energy Storage Market

8. SOUTH AND CENTRAL AMERICA ENERGY STORAGE MARKET GROWTH
8.1. South and Central America Energy Storage Market, By Type
8.2. South and Central America Energy Storage Market, By End-User
8.3. South and Central America Energy Storage Market, By Application
8.4. South and Central America Energy Storage Market, By Country
8.4.1. Chile Energy Storage Market
8.4.2. Rest of SCA Energy Storage Market
8.4.3. Argentina Energy Storage Market
8.4.4. Brazil Energy Storage Market

9. ENERGY STORAGE MARKET STRUCTURE
9.1. GS Yuasa Corporation
9.2. LG Energy Solution, Ltd.
9.3. Samsung SDI Co., Ltd.
9.4. BYD Corporation Limited
9.5. Panasonic Holdings Corp.
9.6. CATL

10. APPENDIX
10.1. About Us
10.2. Sources
10.3. Research Methodology
10.4. Research Process
10.5. Research Execution
10.6. Contact Information

  

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