Press release
Energy Storage Systems Market Poised for 9 % Growth, Set to Hit $379.29 Billion by 2029
Energy Storage Systems Market Size
The surging need for electric vehicles is predicted to drive the expansion of the energy storage systems market. An electric vehicle refers to a vehicle fully or partially powered by an electric battery that can be recharged. These types of automobiles rely on renewable energy, necessitating the use of energy storage systems for backup, administration of energy needs, and enhanced grid stability. For example, a study by the International Renewable Energy Agency, a United Arab Emirates-based intergovernmental organization that advocates for renewable and sustainable energy, predicts that by 2030, there will be 200 million electric cars globally and 10 million electric buses and light-duty vehicles. Consequently, due to the increasing demand for electric vehicles, the energy storage systems market is undergoing substantial growth.
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How will the growth rate of the energy storage systems market shape industry trends by 2034?
The size of the energy storage systems market has been on a consistent rise in the past few years. From $251.14 billion in 2024, it is expected to increase to $271.73 billion in 2025, displaying a Compound Annual Growth Rate (CAGR) of 8.2%. The surge witnessed in the historic period was a result of factors such as enhanced grid flexibility and demand response, amplified requirement for remote power solutions, proliferation of microgrids, cost cuts and economies of scale, along with efficiency ameliorations.
In the coming years, the energy storage systems market size is anticipated to experience robust expansion. It is projected to reach $379.29 billion in 2029 with an average yearly growth rate (CAGR) of 8.7%. The growth expected over the forecast period can be attributed to a combination of global demand and market expansion, escalated demand response & energy management, commitment to a circular economy & sustainability, as well as hybrid energy systems. As we move forward, key trends to watch in the sector include the integration of renewable energy, breakthroughs in battery technologies, initiatives for grid modernization, transportation electrification, and decentralized energy systems.
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What trends are poised to drive the future success of the energy storage systems market?
The driving force behind current trends in the energy storage systems market is technological innovation. Dominant players in this market are exploring new technologies in an attempt to solidify their standing. An example of this is Danfoss India, an organization renowned for its energy-efficient technology. In May 2022, they unveiled a battery-operated energy storage system built using Danfoss' sustainable drive technology to retain surplus energy. This system features a Danfoss 250 kW Power conversion system (PCS), a 270 Kwph SARA battery, and an Energy Management System (EMS) with grid-scale technology. This solution is reliable, adaptable, scalable, and financially viable.
Which primary segments of the energy storage systems market are driving growth and industry transformations?
The energy storage systems market covered in this report is segmented -
1) By Technology: Pumped Hydro Storage, Battery Energy Storage, Compressed Air Energy Storage, Flywheel Energy Storage
2) By Application: Stationary, Transportation
3) By End User: Residential, Non-Residential, Utilities
Subsegments:
1) By Pumped Hydro Storage: Conventional Pumped Hydro Storage, Advanced Pumped Hydro Storage
2) By Battery Energy Storage: Lithium-Ion Batteries, Lead-Acid Batteries, Flow Batteries, Sodium-Sulfur Batteries
3) By Compressed Air Energy Storage (CAES): Above Ground CAES, Underground CAES
4) By Flywheel Energy Storage: Mechanical Flywheels, Magnetic Bearings Flywheels
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Which geographical regions are pioneering growth in the energy storage systems market?
Asia-Pacific was the largest region in the energy storage systems market share in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the energy storage systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the energy storage systems market landscape?
Major companies operating in the energy storage systems market are Schneider Electric SE, SMA Solar Technology AG, Exide Industries Limited, SK energy Co. Ltd., Enerbrax Acumuladores Ltd., Eguana Technologies, Tata Power Company Limited, BYD Company Ltd., ABB Limited, Beacon Power LLC, Convergent Energy + Power, S&C Electric Company, General Electric Company, LG Chem Ltd., Samsung Electronics Co. Ltd., Panasonic Corporation, Tesla Inc., Hitachi Chemical, GS Yuasa Corporation, Toshiba Corporation, Voith GmbH, Genex Power Limited, Alstom SA, Schluchseewerk AG, East Penn Manufacturing Inc., Showa Denko Materials Co. Ltd.
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What Is Covered In The Energy Storage Systems Global Market Report?
• Market Size Forecast: Examine the energy storage systems market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the energy storage systems market for a structured understanding.
• Key Players Overview: Analyze major players in the energy storage systems market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the energy storage systems market.
• Segment Contributions: Evaluate how different segments drive overall growth in the energy storage systems market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the energy storage systems market.
• Industry Challenges: Identify potential risks and obstacles affecting the energy storage systems market.
• Competitive Landscape: Review strategic developments in the energy storage systems market, including expansions, agreements, and new product launches.
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