Energy Storage Market Hits USD 221.5 billion in 2023, Targets 9.12% CAGR Soar Until 2030

How big is the Global Energy Storage market?

According to MarkNtel Advisors study, The Global Energy Storage Market size was valued at around USD 221.5 billion in 2023 and is estimated to grow at a CAGR of about 9.12% during the forecast period, i.e., 2024-30.

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Global Energy Storage Market Trend:

Emergence of Energy Storage-as-a-Service (ESaaS) Gaining Momentum – In the modern grid, energy storage is predicting a heightened role, driven by a spectrum of emerging business models. Among these, ‘Energy Storage as a Service’ (ESaaS) is gaining prominence, particularly within the commercial & industrial sectors. This model involves delivering energy storage systems to customers through service agreements, eliminating the need for outright system purchases. ESaaS offers customers access to the benefits of energy storage without the initial financial commitment and the intricacies associated with ownership.

This approach provides a versatile solution that addresses a range of needs, including peak demand management, load shifting, grid services, backup power, and the seamless integration of renewable energy sources. These advantages have been instrumental in accelerating the adoption of energy storage-as-a-service within the commercial and industrial sectors. For instance:

• In 2022, Nestle Nescafe partnered with Schneider Electrics to deploy its energy storage service EcoStruxure for improving uptime reliability, greater visibility, etc.

The increasing prevalence of ESaaS in the commercial & industrial sectors would propel the Energy Storage Market growth in the forthcoming period.

Leading Companies in the Global Energy Storage market:

• Contemporary Amperex Technology Ltd
• NextEra Energy
• Toshiba Corporation
• GS Yuasa Corporation
• Siemens
• ABB
• LG Chem.
• Voith GmbH & Co. KGaA
• Hitachi Energy
• Mitsubishi Electric Corporation
• Tesla
• Samsung SDI
• UniEnergy Technologies
• LLC
• General Electric
• ANDRITZ HYDRO GmbH
• Others

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Global Energy Storage Market Segmentation:

By Type

• Battery- Market Size & Forecast 2019-2030, USD Million
• Lithium-ion Batteries- Market Size & Forecast 2019-2030, USD Million
• Lead-acid Batteries- Market Size & Forecast 2019-2030, USD Million
• Redox Flow Batteries- Market Size & Forecast 2019-2030, USD Million
• Pumped Storage Hydropower – Market Size & Forecast 2019-2030, USD Million
• Compressed Air Energy Storage – Market Size & Forecast 2019-2030, USD Million
• Gravity-based Energy Storage – Market Size & Forecast 2019-2030, USD Million
• Liquid Air Energy Storage (LAES) – Market Size & Forecast 2019-2030, USD Million
• Flywheel Energy Storage (FES) – Market Size & Forecast 2019-2030, USD Million

Pumped Storage Hydropower is poised to dominate a significant portion of the Energy Storage Market in the near future.

By End User

• Residential- Market Size & Forecast 2019-2030, USD Million
• Commercial – Market Size & Forecast 2019-2030, USD Million
• Utilities- Market Size & Forecast 2019-2030, USD Million

Regional/ Countries Insight:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

The Asia-Pacific region is poised for substantial growth in the Energy Storage Market in the coming years.

Note: Should you require specific information beyond the current scope of the report, we are prepared to furnish it as part of our customization services.

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