- Residential
- Commercial
- Industrial
Energy Storage Market size was valued at USD million in 2022 and is expected to reach a value of USD million by 2029, growing at a CAGR of 8.6% during the forecast period 2023 to 2029. The global market provides a detailed overview of the energy storage market and that can be segmented by type and application. By type, the energy storage 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 energy storage 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 2022-2028.
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.
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.
Asia Pacific Got Significant Share
Energy Storage Market Regional Analysis
By region, the Asia Pacific market is expected to witness the highest market share during the forecast period owing to the region’s rapid urbanization and growth. Furthermore, the government's actions are attracting a significant amount of FDI to the region. The rising expenditures in the infrastructure for electric vehicles are also expected to have a significant impact on market growth in the future years. China and India are the major contributors for the growth of the market in the region. North America held a considerable market share during the estimated period. The market is exhibiting growth as a result of rising investments, the production of renewable energy, an increase in the number of grid projects, and the use of microgrid technologies.
Latin America
Europe
Asia Pacific
Middle East
North America
Key Features of the Reports
- The energy storage market report provides granular level information about the market size, regional market share, historic market (2018-2022) and forecast (2023-2029)
- The energy storage market report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The energy storage market report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The energy storage market report tracks recent innovations, key developments, and start-up details that are actively working in the market
- The energy storage market report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
Energy Storage Market Segmentation
By Type
By Application
- Batteries
- Pumped-storage Hydroelectricity
- Thermal Energy Storage
- Flywheel Energy Storage
- Solar Photovoltaic
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
Frequently Asked Questions
The energy storage market is projected to expand at a CAGR of 8.6% during the forecast period
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 energy storage 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, 2018 - 2022 and Forecast, 2023 - 2029 |
| 4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 5.1. Batteries |
| 5.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 6.1. Residential |
| 6.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 7.1. North America |
| 7.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2023 - 2029 |
| 8. North America Global Energy Storage Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 8.1. Type Analysis 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2023 - 2029 |
| 8.5. North America Global Energy Storage Market Dynamics – Trends |
| 9. Europe Global Energy Storage Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 9.1. Type Analysis 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2023 - 2029 |
| 9.5. Europe Global Energy Storage Market Dynamics – Trends |
| 10. Asia-Pacific Global Energy Storage Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 10.1. Type Analysis 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2023 - 2029 |
| 10.5. Asia-Pacific Global Energy Storage Market Dynamics – Trends |
| 10.6. Type Analysis 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2023 - 2029 |
| 10.10. Latin America Global Energy Storage Market Dynamics – Trends |
| 11. Middle East and Africa Global Energy Storage Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 11.1. Type Analysis 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2023 - 2029 |
| 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 |
- 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.