Press release
Surge In Electric Vehicle Demand Drives Growth In Energy Storage Systems Market: A Significant Driver Propelling The Energy Storage Systems Market In 2025
Energy Storage Systems
What Is the Energy Storage Systems Market Size and Projected Growth Rate?
The market size of energy storage systems has significantly increased in the past few years. The market which is expected to increase from $251.14 billion in 2024 to $271.73 billion in 2025, is set to experience a Compound Annual Growth Rate (CAGR) of 8.2%. The growth during the historical period can be credited to factors such as improved grid flexibility and demand response, a surge in need for remote power solutions, development of microgrids, decrease in costs and scale economies, as well as enhancements in efficiency.
The market size for energy storage systems is anticipated to witness substantial growth in the coming years, expanding to $379.29 billion in 2029 with a compound annual growth rate (CAGR) of 8.7%. This growth during the projected period can be ascribed to factors such as market enlargement and global demand, an escalating response and management for energy, circular economy, and sustainability, along with hybrid energy systems. The key trends expected within the forecast period are the integration of renewable energy, progress in battery technologies, initiatives for modernizing the grid, the electrification of transportation, and decentralized energy systems.
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What Are the Major Segments in the Energy Storage Systems Market?
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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What Are The Driving Energy Storage Systems Market Evolution?
The surge in demand for electric vehicles is projected to drive growth in the energy storage systems market. Electric vehicles, which are either fully or partially powered by a rechargeable battery, necessitate energy storage systems. These systems are essential as they operate on renewable energy and require reserve storage, regulate power requirements, and bolster grid reliability. Citing a report from the International Renewable Energy Agency, a United Arab Emirates based intergovernmental agency that advocates for renewable and sustainable energy, it is forecasted that by 2030 the global roads will be abuzz with 200 million electric cars and 10 million electric buses and light-duty vehicles. Consequently, the rising demand for electric vehicles is fuelling the expansion of the energy storage systems market.
Which Firms Dominate The Energy Storage Systems Market Segments?
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.
What Trends Are Expected to Dominate the Energy Storage Systems Market in the Next 5 Years?
The key trends in the energy storage systems market are driven by technological advancements. To solidify their stance in the energy storage systems market, many major companies are exploring new technologies. For example, Danfoss India, an India-based firm that develops energy-efficient technologies, introduced a battery-based energy storage system in May 2022. This system leverages Danfoss's sustainable drives technology to store surplus energy generated. The setup comprises a Danfoss 250 kW Power conversion system (PCS), a 270 Kwph SARA battery, and an energy management system (EMS) equipped with grid-scale technology. This solution is flexible, reliable, scalable, and cost-effective.
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Which Is The Largest Region 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Energy Storage Systems Market?
2. What is the CAGR expected in the Energy Storage Systems Market?
3. What Are the Key Innovations Transforming the Energy Storage Systems Industry?
4. Which Region Is Leading the Energy Storage Systems Market?
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