Energy Storage Market: By Type, By Application, Thermal Energy Storage, Flywheel Energy Storage, Solar Photovoltaic) and Geography  

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Energy Storage Market Size, Share, Growth, Trends, and Global Industry Analysis: By Type (Residential, Commercial and Industrial), By Application (Batteries, Pumped-storage Hydroelectricity (PSH), Thermal Energy Storage (TES), Flywheel Energy Storage (FES), Solar Photovoltaic) and Region  

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Energy Storage Market size was valued at US$ million in 2023 and is expected to reach a value of US$ million by 2030, growing at a CAGR of 8.6% from 2024 to 2030. The global market provides a detailed overview of the market and that can be segmented by type and application. By type, the market has been segmented into batteries, pumped-storage hydroelectricity (PSH), thermal energy storage (TES), flywheel energy storage (FES), solar photovoltaic, and concentrated energy storage.

The thermal energy storage (TES) segment is likely to be the largest and fastest-growing segment in terms of type. Based on application, the market is segmented into residential, commercial greenhouse and industrial. Among these, the residential segment is expected to have the fastest-growing market during the forecast period 2024-2030.

key developments

  • In Aug 2020, with regard to a number of renewable energy projects, NTPC Limited and Greenko Energies Pvt Ltd reached an agreement. In six Indian States, Greenko is establishing 40 GWh of hydro-storage facilities.

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Energy Storage Market Summary

Study Period

2024-2030

Base Year

2023

CAGR

8.6%

Largest Market

North American

Fastest Growing Market

Asia-Pacific

Energy Storage Market Dynamics

Demand for reliable power supply, effective grid management, fast industrialization, and expanding economic activity are all on the rise impacting the market growth. Also, increased global attention to the generation of renewable energy increasing expenditures on energy storage infrastructure development, energy storage system uptake, and energy storage system technical developments are some other key factors fueling the market growth.

Energy Storage Market Segmentation Analysis

Report Benchmarks

Details

Report Study Period

2024-2030

Market CAGR

8.6%

By Type

  • Residential
  • Commercial
  • Industrial

By Application

  • Batteries
  • Pumped-storage Hydroelectricity
  • Thermal Energy Storage
  • Flywheel Energy Storage
  • Solar Photovoltaic

By Region

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

By Region

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

Key Features of the Report

  • The energy storage market report provides granular level information about the market size, regional market share, historic market (2019-2023) and forecast (2024-2030)
  • The market report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The market report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The market report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The market report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
  • The report analyses the impact of the socio-political environment through PESTLE Analysis and competition through Porter's Five Force Analysis in addition to recent technology advancements and innovations in the market

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Frequently Asked Questions

The global energy storage market size was valued at US$ 51.10 million in 2023 and is poised to grow at a CAGR of 8.6% from 2024 to 2030.

The key players of the market are GS Yuasa Corporation, Contemporary Amperex Technology Co. Limited, UniEnergy Technologies, LLC, BYD Co. Ltd, Lancey Energy Storage, Clarios (Formerly Johnson Controls International PLC), LG Energy Solution Ltd, NGK Insulators Ltd, Samsung SDI Co. Ltd Tesla Inc

Asia-Pacific is the fastest-growing region for the market

1. Executive Summary
2. Global Energy Storage Market Introduction
2.1. Global Energy Storage Market – Taxonomy
2.2. Global Energy Storage Market –Definitions
2.2.1. By Type
2.2.2. By Application
2.2.3. By Region
3. Global Energy Storage Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities/Unmet Needs of the Market
3.4. Trends
3.5. Global Energy Storage Market Dynamic Factors - Impact Analysis
3.6. Global Energy Storage Market – Competition Landscape
4. Global 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 Energy Storage Market, By Type, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn ) 
5.1. Batteries
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. Pumped-storage Hydroelectricity (PSH)
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 (TES)
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. Flywheel Energy Storage (FES)
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. Solar Photovoltaic
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
5.5.4. Mono-Si
5.5.5. Thin-Film
5.5.6. Multi-Si
5.5.7. Others
5.6. Concentrated Energy Storage
5.6.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn )
5.6.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.6.3. Market Opportunity Analysis
5.6.4. Parabolic Trough
5.6.5. Power Tower
5.6.6. Linear Fresnel
6. Global Energy Storage Market, By Application, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn )
6.1. Residential
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. Commercial and Industrial
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 Energy Storage Market Forecast, By Region, 2019-2023 and Forecast, 2024-2030  (Revenue, USD Mn ) 
7.1. North America
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. Latin America
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. Europe
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. Asia-Pacific
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
7.5. Middle East and Africa
7.5.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn )
7.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.5.3. Market Opportunity Analysis
7.6. Global Energy Storage Market - Opportunity Analysis Index, By Mechanism Type, By Fertilizer, By Application, and Region, 2024-2030
8. North America Global Energy Storage Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn ) 
8.1. Type Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
8.1.1. Batteries
8.1.2. Pumped-storage Hydroelectricity (PSH)
8.1.3. Thermal Energy Storage (TES)
8.1.4. Flywheel Energy Storage (FES)
8.1.5. Solar Photovoltaic
8.1.5.1. Mono-Si
8.1.5.2. Thin-Film
8.1.5.3. Multi-Si
8.1.5.4. Others
8.1.6. Concentrated Energy Storage
8.1.6.1. Parabolic Trough
8.1.6.2. Power Tower
8.1.6.3. Linear Fresnel Air-Forced
8.1.6.4. Electrical Operated
8.1.7. Others
8.2. By Application Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
8.2.1. Residential
8.2.2. Commercial and Industrial
8.3. By Country Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
8.3.1. United States
8.3.2. Canada
8.4. North America Global Energy Storage Market - Opportunity Analysis Index, By Type, By Application, and By Country 2024-2030
8.5. North America Global Energy Storage Market Dynamics – Trends
9. Europe Global Energy Storage Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn ) 
9.1. Type Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
9.1.1. Batteries
9.1.2. Pumped-storage Hydroelectricity (PSH)
9.1.3. Thermal Energy Storage (TES)
9.1.4. Flywheel Energy Storage (FES)
9.1.5. Solar Photovoltaic
9.1.5.1. Mono-Si
9.1.5.2. Thin-Film
9.1.5.3. Multi-Si
9.1.5.4. Others
9.1.6. Concentrated Energy Storage
9.1.6.1. Parabolic Trough
9.1.6.2. Power Tower
9.1.6.3. Linear Fresnel Air-Forced
9.1.6.4. Electrical Operated
9.1.7. Others
9.2. By Application Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
9.2.1. Residential
9.2.2. Commercial and Industrial
9.3. By Country Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
9.3.1. Germany
9.3.2. United Kingdom
9.3.3. Spain
9.3.4. Italy
9.3.5. France
9.3.6. Russia
9.3.7. Norway
9.3.8. Rest of Europe
9.4. Europe Global Energy Storage Market - Opportunity Analysis Index, By Type, By Application, and By Country 2024-2030
9.5. Europe Global Energy Storage Market Dynamics – Trends
10. Asia-Pacific Global Energy Storage Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn)
10.1. Type Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.1.1. Batteries
10.1.2. Pumped-storage Hydroelectricity (PSH)
10.1.3. Thermal Energy Storage (TES)
10.1.4. Flywheel Energy Storage (FES)
10.1.5. Solar Photovoltaic
10.1.5.1. Mono-Si
10.1.5.2. Thin-Film
10.1.5.3. Multi-Si
10.1.5.4. Others
10.1.6. Concentrated Energy Storage
10.1.6.1. Parabolic Trough
10.1.6.2. Power Tower
10.1.6.3. Linear Fresnel Air-Forced
10.1.6.4. Electrical Operated
10.1.7. Others
10.2. By Application Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.2.1. Residential
10.2.2. Commercial and Industrial
10.3. By Country Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.3.1. China
10.3.2. India
10.3.3. Japan
10.3.4. South Korea
10.3.5. Australia & New Zealand
10.3.6. Rest of Asia-Pacific
10.4. Asia-Pacific Global Energy Storage Market - Opportunity Analysis Index, By Type, By Application, and By Country 2024-2030
10.5. Asia-Pacific Global Energy Storage Market Dynamics – Trends
10.6. Type Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.6.1. Batteries
10.6.2. Pumped-storage Hydroelectricity (PSH)
10.6.3. Thermal Energy Storage (TES)
10.6.4. Flywheel Energy Storage (FES)
10.6.5. Solar Photovoltaic
10.6.5.1. Mono-Si
10.6.5.2. Thin-Film
10.6.5.3. Multi-Si
10.6.5.4. Others
10.6.6. Concentrated Energy Storage
10.6.6.1. Parabolic Trough
10.6.6.2. Power Tower
10.6.6.3. Linear Fresnel Air-Forced
10.6.6.4. Electrical Operated
10.6.7. Others
10.7. By Application Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.7.1. Residential
10.7.2. Commercial and Industrial
10.8. By Country Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.8.1. Brazil
10.8.2. Mexico
10.8.3. Argentina
10.8.4. Rest of Latin America
10.9. Latin America Global Energy Storage Market - Opportunity Analysis Index, By Type, By Application, and By Country 2024-2030
10.10. Latin America Global Energy Storage Market Dynamics – Trends
11. Middle East and Africa Global Energy Storage Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn)
11.1. Type Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
11.1.1. Batteries
11.1.2. Pumped-storage Hydroelectricity (PSH)
11.1.3. Thermal Energy Storage (TES)
11.1.4. Flywheel Energy Storage (FES)
11.1.5. Solar Photovoltaic
11.1.5.1. Mono-Si
11.1.5.2. Thin-Film
11.1.5.3. Multi-Si
11.1.5.4. Others
11.1.6. Concentrated Energy Storage
11.1.6.1. Parabolic Trough
11.1.6.2. Power Tower
11.1.6.3. Linear Fresnel Air-Forced
11.1.6.4. Electrical Operated
11.1.7. Others
11.2. By Application Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
11.2.1. Residential
11.2.2. Commercial and Industrial
11.3. By Country Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
11.3.1. Middle East
11.3.2. South Africa
11.3.3. Israel
11.3.4. Argentina
11.3.5. Rest of Latin America
11.4. Middle East and Africa Energy Storage Market - Opportunity Analysis Index, By Type, By Application, and By Country 2024-2030
11.5. Middle East and Africa Energy Storage Market Dynamics – Trends
12. Competition Landscape 
12.1. Strategic Dashboard of Top Market Players
12.2. Company Profiles (Introduction, Financial Analysis, Product & Service Offerings, Key Developments, Strategies, and SWOT Analysis)
12.2.1. GS Yuasa Corporation
12.2.2. Contemporary Amperex Technology Co. Limited
12.2.3. UniEnergy Technologies, LLC
12.2.4. BYD Co. Ltd
12.2.5. Lancey Energy Storage
12.2.6. Clarios (Formerly Johnson Controls International PLC)
12.2.7. LG Energy Solution Ltd
12.2.8. NGK Insulators Ltd
12.2.9. Samsung SDI Co. Ltd
12.2.10.  Tesla Inc.
12.2.11. Others
13. Research Methodology
14. Key Assumptions and Acronyms

Key Market Players

  • GS Yuasa Corporation
  • Contemporary Amperex Technology Co. Limited
  • UniEnergy Technologies, LLC
  • BYD Co. Ltd
  • Lancey Energy Storage
  • Clarios (Formerly Johnson Controls International PLC)
  • LG Energy Solution Ltd
  • NGK Insulators Ltd
  • Samsung SDI Co. Ltd
  • Tesla Inc.

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