Advanced Energy Storage Market: By Technology By Application By End User, and by Region Forecast 2019-2030

Advanced Energy Storage Market Size, Share, Growth, Trends, and Global Industry Analysis: By Technology (Solid State Battery, Flow Battery, Thermal Energy Storage, Pumped Hydro Storage, and Others) By Application (Transportation and Grid Storage) By End User (Residential, Commercial, Industrial, and Utility), and by Region Forecast 2019-2030

Advanced Energy Storage Market size was valued at US$ 21.4 billion in 2023 and is poised to grow at a significant CAGR of 8.9% from 2024–2030. Advanced energy storage is a growing technology sector of 21st-century electricity grids. Energy storage systems are used to manage our power supply in order to create a more resilient energy infrastructure at a low cost. Energy storage systems can be segmented into batteries, thermal, mechanical storage, pumped hydropower, and others. The increasing global energy consumption is driving the global market.

Moreover, the availability of electricity in urban to local areas, and the initiative of government and international agencies are the major reasons for the fast adoption rate of the advanced energy storage system worldwide. According to a report, the percentage of people with access to electricity has been steadily increasing over the last few decades. Moreover, increasing renewable chemical energy investments, revising energy policies in developed countries, government policies, and support for the renewable energy sector are expected to boost the global market.

According to a report, renewable energy held a market share of 29% in global electricity generation in 2020, up from 27% in 2019, and bioenergy use in the industry grew by 3%. However, high capital investment and high cost of technology can be major restraints in the global market. Although, new innovative technologies and advanced grid expansion in emerging countries are the major opportunities. Based on geography, North America is dominating the global market for this transformative technology and is expected to maintain its growth at a faster rate.

Advanced Energy Storage Market Recent Market Key Developments

  • In May 2021, Hitachi ABB Power Grids announced it to provide battery storage tech to Thailand.
  • In April 2021, Swiss-Swedish multinational corporation ABB secured a contract from rail vehicle manufacturer Stadler to deliver energy storage systems.
  • In May 2022, LG Energy Solution announced new battery storage solutions and moved to lithium iron phosphate (LFP)
  • In Mar 2022, Tesla deployed a new energy storage system in Alaska that's less dependent on fossil fuels.

Advanced Energy Storage Market Summary

Study Period

2024-2030

Base Year

2023

CAGR

8.9%

Largest Market

North America

Fastest Growing Market

Asia pacific

Advanced Energy Storage Market Dynamics

Renewable energy sources are growing at a faster rate than global energy consumption. According to IEA’s Stated Policies Scenario, the share of total final consumption of modern renewables is expected to reach 18% by 2030. This is due to government initiatives and support, revising energy policies. Wind and solar power generation are increasing exponentially in households as well as in industry. Hence, increasing usage of renewable energy will create demand for advanced energy storage technology and system. Hence, it will boost the global market at a significant CAGR in the forecasted years.

Advanced Energy Storage Market Segmentation Analysis

Report Benchmarks

Details

Report Study Period

2024-2030

Market Size in 2023

US$ 21.4 billion

Market CAGR

8.9%

By Technology

  • Solid State Battery
  • Flow Battery
  • Thermal Energy Storage
  • Pumped Hydro Storage

By Application

  • Transportation
  • Grid Storage
  • Others

By End Users

  • Residential
  • Commercial
  • Industrial
  • Utility

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • MEA

Key Features of the Report

  • The advanced energy storage market report provides granular level information about the market size, regional market share, historic market (2019-2023) and forecast (2024-2030)
  • The report covers in-detail insights about the competitors overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario

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Frequently Asked Questions

The global advanced energy storage market size was valued at US$ 21.4 billion in 2023 and is projected to grow at a CAGR of 8.9% from 2024 to 2030.

ABB Ltd, LG Chem Ltd., Samsung SDI Co, General Electric Company, Tesla, Inc., AES Corporation, Mitsubishi Heavy Industry, Evapco, Panasonic, Hitachi Chem

The market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.

1. Executive Summary
2. Global Advanced Energy Storage Market Introduction
2.1. Global Advanced Energy Storage Market – Taxonomy
2.2. Global Advanced Energy Storage Market –Definitions
2.2.1. By Technology
2.2.2. By Application
2.2.3. By End User
2.2.4. By Region
3. Global Advanced Energy Storage Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities/Unmet Needs of the Market
3.4. Trends
3.5. Global Advanced Energy Storage Market Dynamic Factors - Impact Analysis
3.6. Global Advanced Energy Storage Market – Competition Landscape
3.7. Epidemiology
4. Global Advanced Energy Storage Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030
4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
4.2. Year-over-Year (Y-o-Y) Growth Analysis (%)
4.3. Market Opportunity Analysis
5. Global Advanced Energy Storage Market, By Technology, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
5.1. Solid State Battery
5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.1.3. Market Opportunity Analysis
5.2. Flow Battery
5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.2.3. Market Opportunity Analysis
5.3. Thermal Energy Storage
5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
5.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.3.3. Market Opportunity Analysis
5.4. Pumped Hydro Storage
5.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
5.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.4.3. Market Opportunity Analysis
5.5. Others
5.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
5.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.5.3. Market Opportunity Analysis
6. Global Advanced Energy Storage Market, By Application, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
6.1. Transportation
6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.1.3. Market Opportunity Analysis
6.2. Grid Storage
6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.2.3. Market Opportunity Analysis
7. Global Advanced Energy Storage Market, By End User, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
7.1. Residential
7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.1.3. Market Opportunity Analysis
7.2. Commercial
7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.2.3. Market Opportunity Analysis
7.3. Industrial
7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.3.3. Market Opportunity Analysis
7.4. Utility
7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
7.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.4.3. Market Opportunity Analysis
8. Global Advanced Energy Storage Market Forecast, By Region, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.1. North America
8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.1.3. Market Opportunity Analysis
8.2. Europe
8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.2.3. Market Opportunity Analysis
8.3. Asia-Pacific
8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.3.3. Market Opportunity Analysis
8.4. Latin America
8.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.4.3. Market Opportunity Analysis
8.5. Middle East and Africa
8.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.5.3. Market Opportunity Analysis
8.6. Global Advanced Energy Storage Market - Opportunity Analysis Index, By Technology, By Application, By End User, and Region, 2024 - 2030
9. North America Advanced Energy Storage Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
9.1. Technology Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
9.1.1. Solid State Battery
9.1.2. Flow Battery
9.1.3. Thermal Energy Storage
9.1.4. Pumped Hydro Storage
9.1.5. Others
9.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
9.2.1. Transportation
9.2.2. Grid Storage
9.3. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
9.3.1. Residential
9.3.2. Commercial
9.3.3. Industrial
9.3.4. Utility
9.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
9.4.1. USA
9.4.2. Canada
9.5. North America Advanced Energy Storage Market - Opportunity Analysis Index, By Technology, By Application, By End User, and Country, 2024 - 2030
9.6. North America Advanced Energy Storage Market Dynamics – Trends
10. Europe Advanced Energy Storage Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
10.1. Technology Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.1.1. Solid State Battery
10.1.2. Flow Battery
10.1.3. Thermal Energy Storage
10.1.4. Pumped Hydro Storage
10.1.5. Others
10.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
10.2.1. Transportation
10.2.2. Grid Storage
10.3. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
10.3.1. Residential
10.3.2. Commercial
10.3.3. Industrial
10.3.4. Utility
10.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
10.4.1. Germany
10.4.2. UK
10.4.3. France
10.4.4. Spain
10.4.5. Italy
10.4.6. Rest of Europe
10.5. Europe Advanced Energy Storage Market - Opportunity Analysis Index, By Technology, By Application, By End User, and Country, 2024 - 2030
10.6. Europe Advanced Energy Storage Market Dynamics – Trends
11. Asia-Pacific Advanced Energy Storage Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
11.1. Technology Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
11.1.1. Solid State Battery
11.1.2. Flow Battery
11.1.3. Thermal Energy Storage
11.1.4. Pumped Hydro Storage
11.1.5. Others
11.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
11.2.1. Transportation
11.2.2. Grid Storage
11.3. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
11.3.1. Residential
11.3.2. Commercial
11.3.3. Industrial
11.3.4. Utility
11.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
11.4.1. China
11.4.2. India
11.4.3. Japan
11.4.4. ASEAN
11.4.5. Australia & New Zealand
11.4.6. Rest of Asia-Pacific
11.5. Asia-Pacific Advanced Energy Storage Market - Opportunity Analysis Index, By Technology, By Application, By End User, and Country, 2024 - 2030
11.6. Asia-Pacific Advanced Energy Storage Market Dynamics – Trends
12. Latin America Advanced Energy Storage Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
12.1. Technology Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
12.1.1. Solid State Battery
12.1.2. Flow Battery
12.1.3. Thermal Energy Storage
12.1.4. Pumped Hydro Storage
12.1.5. Others
12.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
12.2.1. Transportation
12.2.2. Grid Storage
12.3. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
12.3.1. Residential
12.3.2. Commercial
12.3.3. Industrial
12.3.4. Utility
12.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
12.4.1. Brazil
12.4.2. Mexico
12.4.3. Rest of Latin America
12.5. Latin America Advanced Energy Storage Market - Opportunity Analysis Index, By Technology, By Application, By End User, and Country, 2024 - 2030
12.6. Latin America Advanced Energy Storage Market Dynamics – Trends
13. Middle East and Africa Advanced Energy Storage Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
13.1. Technology Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
13.1.1. Solid State Battery
13.1.2. Flow Battery
13.1.3. Thermal Energy Storage
13.1.4. Pumped Hydro Storage
13.1.5. Others
13.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
13.2.1. Transportation
13.2.2. Grid Storage
13.3. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
13.3.1. Residential
13.3.2. Commercial
13.3.3. Industrial
13.3.4. Utility
13.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
13.4.1. Gulf Cooperation Council (GCC) Countries
13.4.2. South Africa
13.4.3. Rest of MEA
13.5. MEA Advanced Energy Storage Market - Opportunity Analysis Index, By Technology, By Application, By End User, and Country, 2024 - 2030
13.6. MEA Advanced Energy Storage Market Dynamics – Trends
14. Competition Landscape
14.1. Strategic Dashboard of Top Market Players
14.2. Company Profiles (Introduction, Financial Analysis, Key Components, Key Developments, Strategies, and SWOT Analysis)
14.2.1. ABB Ltd
14.2.2. LG Chem Ltd.
14.2.3. Samsung SDI Co
14.2.4. General Electric Company
14.2.5. Tesla, Inc.
14.2.6. AES Corporation
14.2.7. Mitsubishi Heavy Industry
14.2.8. Evapco
14.2.9. Panasonic
14.2.10. Hitachi Chem
15. Research Methodology
16. Key Assumptions and Acronyms

Key Market Players

  • ABB Ltd
  • LG Chem Ltd.
  • Samsung SDI Co
  • General Electric Company
  • Tesla, Inc.
  • AES Corporation
  • Mitsubishi Heavy Industry
  • Evapco
  • Panasonic
  • Hitachi Chem

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