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Renewable Energy Storage Global Market to Generate $374.21 Billion By 2028, Registering at a CAGR of 31.4% | Hitachi Ltd., Tesla Inc., General Electric Company, BYD Company Limited, LG Chem Ltd.
Renewable Energy Storage Global Market
According to The Business Research Company's, The renewable energy storage market size has grown exponentially in recent years. It will grow from $93.19 billion in 2023 to $125.42 billion in 2024 at a compound annual growth rate (CAGR) of 34.6%. The growth in the historic period can be attributed to advancements in renewable energy technologies, environmental concerns and climate change, energy security and independence, grid modernization and decentralization, electric vehicle market growth.
The renewable energy storage market size is expected to see exponential growth in the next few years. It will grow to $374.21 billion in 2028 at a compound annual growth rate (CAGR) of 31.4%. The growth in the forecast period can be attributed to renewable energy expansion targets, energy transition policies, technological advancements, grid modernization initiatives. Major trends in the forecast period include integration with renewable energy projects, emerging technologies, grid services and revenue stacking, storage-as-a-service models, digitalization and smart energy management.
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Market Drivers and Trends:
The growing investment in the energy sector is expected to propel the growth of the renewable energy storage market going forward. Investment in the energy sector refers to allocating financial resources, such as capital, funds, or assets, into various activities, projects, or assets related to energy production, distribution, and utilization. It arises due to climate change concerns, advancements in renewable energy technologies, improved efficiency, and lowered costs. Investments are used in renewable energy storage for various purposes across the value chain, from research and development to manufacturing scale-up, grid integration, and the deployment of commercial projects. For instance, in July 2023, according to a report published by GOV.UK, a UK-based public sector information website, investment in the energy industries in 2022 totaled $22.45 billion (£16.7 billion), a 1.4% increase compared to the previous year. Furthermore, according to the Institute for Energy Economics & Financial Analysis, a US-based nonprofit organization, investments in solar power generation totaled approximately $500 billion in 2022, up $80 billion from the previous year. Therefore, investment in the energy sector is driving the growth of the renewable energy storage market.
Major companies operating in the renewable energy storage market are concentrating on developing innovative advancements, such as Trina Storage, to capitalize on the growing energy storage demand and expand their renewable energy solutions portfolio. This innovation unit offers flexible and highly scalable energy storage solutions for various applications, including solar + storage, standalone, and large industrial and microgrid systems. For instance, in February 2021, Trina Solar Co., Ltd., a China-based photovoltaics company, launched a dedicated global business unit called Trina Storage, an innovative solution for solar storage, standalone, and large industrial and microgrid applications. These solutions include the Elementa 2 containerized BESS, which features its own 306Ah lithium iron phosphate (LFP) cell with an expected lifetime of 12,000 cycles, a highly integrated design, intelligent management of its liquid cooling system, and rack-level battery management. Additionally, its solutions consist of quality hardware, software, and services that enable utilities, IPPs, developers, and EPCs to deploy storage faster and more cost-effectively than ever.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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Major Key Players of the Market:
Hitachi Ltd., Tesla Inc., General Electric Company, BYD Company Limited, LG Chem Ltd., Siemens Energy AG, ASEA Brown Boveri Ltd., Toshiba Corporation, NextEra Energy Resources LLC, PARKER HANNIFIN CORPORATION, Samsung SDI Co. Ltd., Delta Electronics Inc., Trina Solar Co. Ltd., Commonwealth Edison Company, Fluence Energy LLC, Nippon Electric Company Limited., Vivint Solar Inc., Invenergy LLC, Greenko Group PLC, EVLO Energy Storage Inc., GreenSmith Energy Management Systems LLC, Eos Energy Storage LLC, Xtreme Power Inc., Sonnen GmbH, Renewable Energy Systems Ltd
Renewable Energy Storage Market 2024 Key Insights:
• The Renewable Energy Storage Market is expected to grow to $374.21 billion in 2028 at a compound annual growth rate (CAGR) of 31.4%.
• Role Of Investment In Driving Growth Of Renewable Energy Storage Market
• Technological Innovations Driving Growth in the Renewable Energy Storage Market
• Asia-Pacific was the largest region in the renewable energy storage market in 2023. The regions covered in the renewable energy storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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