Press release
Renewable Energy Storage Market to Reach $2.25 Bn by 2031, CAGR 11.4% (2024-2031) Boosted by Grid Modernization | Market Players: Delta Electronics, Inc., General Electric Company, Hitachi, Ltd.
Renewable Energy Storage Market
The global Renewable Energy Storage market has witnessed significant growth over the past few years, driven by increasing demand across multiple industries and advancements in technology. The market is characterized by rising adoption of innovative solutions, growing consumer awareness, and supportive government regulations in major economies. As industries continue to prioritize efficiency, sustainability, and cost optimization, Renewable Energy Storage is becoming a critical enabler of business transformation.
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The renewable energy storage market is witnessing strong growth with the integration of solar and wind power into grids. Advances in battery technologies, falling costs, and energy transition policies are fueling adoption.
Key Highlights from the Report
➤ The Renewable Energy Storage market is projected to grow at a CAGR of 11.4% between 2024-2031.
➤ The pumped hydro storage segment dominates capacity, while the battery storage segment grows fastest with solar and wind integration.
➤ Asia Pacific dominates and is the fastest growing region in renewable energy storage, supported by grid modernization and clean energy adoption.
➤ Strategic collaborations and M&A activities are shaping the competitive landscape.
➤ Sustainability and digital transformation are creating new opportunities in the market.
Market Segmentation
By Type (Wind Power, Hydroelectric Power, Solar Power, Bio Energy, Others) By Technology (Battery Storage, Pumped Hydro Storage, Flywheel Energy Storage, Thermal Storage, Others) By End-User (Residential, Industrial, Commercial)
Company Insights
Key players operating in the Renewable Energy Storage market include:
Delta Electronics, Inc., General Electric Company, Hitachi, Ltd., Siemens Energy, Tesla, Inc., Toshiba Corporation, Trina Solar Co., Ltd., ABB Ltd., EVLO Energy Storage Inc. and NEC Corporation.
United States: Recent Renewable Energy Storage Developments
✅ In June 2025, GDEV Management closed its second clean-energy fund of over $200 million, investing in battery-system developers like Peak Power and Lightshift Energy, as well as in EV infrastructure and fleet electrification-targeting distributed solar-plus-battery projects for commercial and industrial clients.
✅ In May 2025, ENGIE North America and CBRE Investment Management announced plans for 31 battery energy storage system projects across Texas and California, totaling 2.4 GW of lithium-ion capacity to bolster grid resilience and support renewables.
✅ In April 2025, Redwood Materials launched Redwood Energy, repurposing second-life EV batteries into stationary energy storage systems-its first deployment is a 12 MW/63 MWh system that powers an off-grid AI data center, marking the largest second-life battery installation globally.
Japan: Recent Renewable Energy Storage Developments
✅ In June 2025, TotalEnergies' subsidiary Saft was selected to build a 1 GWh battery energy storage system in Fukushima, capable of delivering 240 MW for four hours, as part of Japan's push to expand storage and renewables usage to nearly 40% by 2030.
✅ In May 2025, HD Renewable Energy secured five BESS tenders in Japan's Long-Term Decarbonisation Power Source Auction, totaling approximately 300 MW (1.5 GWh)-representing nearly 20% of this auction's BESS capacity-with projects across Aomori, Fukushima, and Hokkaido.
✅ In October 2026 (expected), Sumitomo Electric's subsidized 2 MW/8 MWh redox flow battery facility (Nagasu Energy Storage Facility) on Kyushu is slated for completion, making it Japan's first government-subsidized flow battery project under its 2024 storage support program.
Recent Developments
✅ On March 19, 2024, Goodenough Energy launched India's first battery energy storage gigafactory in Jammu and Kashmir by October. The project has expanded its capacity to 20 GWH by 2027. India aims for 500 GW of renewable energy capacity by 2031, with US$452 million incentives.
✅ On January 11, 2024, Plus Power announced its Kapolei Energy Storage facility in Oahu, Hawaii, the most advanced grid-scale battery energy storage system in the world. It helps transition the state's electric power from coal and oil to solar and wind. The KES battery project, located on 8 acres of industrial land on the southwest side of Oahu near Honolulu, uses 158 Tesla Megapack 2 XL lithium iron phosphate batteries, each roughly the size of a shipping container.
✅ On September 14, 2023, Hithium, a Lithium-ion and energy storage system (ESS) manufacturer launched a 5MWh energy storage container solution in the market. It contains 48 battery modules using Hithium's new 314 Ah lithium iron phosphate (LFP) cells.
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Regional Insights
The global Renewable Energy Storage market demonstrates strong performance across multiple regions:
• North America leads the market due to high adoption rates, strong R&D activities, and the presence of key market players.
• Europe benefits from stringent regulations, increasing focus on sustainability, and government-backed innovation programs.
• Asia-Pacific is expected to witness the fastest growth during the forecast period, fueled by rapid industrialization, growing consumer base, and rising investment in infrastructure.
• Latin America and Middle East & Africa are also showing promising growth, supported by economic reforms and foreign direct investments.
Market Dynamics
Driver: Integration of intermittent solar and wind power creates strong demand for energy storage.
Restraint: High battery costs and limited lifecycle durability hinder deployment.
Opportunity: Emerging technologies like flow batteries and hydrogen storage expand possibilities.
Challenge: Grid integration and regulatory uncertainties complicate large-scale adoption.
The Report Covers:
➡ Detailed analysis of the demand-supply gap, market size estimation, SWOT and PESTEL assessments, along with global market forecasts.
➡ Strategic go-to-market framework.
➡ An unbiased evaluation of overall market performance.
➡ Regional and country-level insights tailored to specific requirements.
➡ Identification of potential and niche segments, as well as high-growth regions.
Why Purchase This Report?
✔ Holistic market intelligence with reliable growth projections through 2032.
✔ Granular segmentation analysis to spotlight emerging opportunities.
✔ Regional outlook showcasing key growth hotspots worldwide.
✔ Competitive landscape with profiles of leading players and their latest strategic initiatives.
✔ Practical insights designed for investors, policymakers, and industry leaders.
Key Questions Addressed:
◆ What is the current size of the global renewable energy storage market?
◆ Who are the leading players shaping the renewable energy storage industry?
◆ What is the expected CAGR of the market between 2025 and 2032?
◆ What is the projected market value by 2032?
◆ Which region is anticipated to lead the market during the forecast period?
Conclusion
The global Renewable Energy Storage market is positioned for significant growth, driven by strong demand across industries, technological innovation, and supportive regulatory environments. While challenges such as high costs and regulatory hurdles exist, emerging opportunities in digital transformation, sustainability, and new applications are expected to create profitable pathways for market players. Companies that invest in innovation and strategic collaborations will remain at the forefront of this evolving landscape.
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Company Name: DataM Intelligence
Contact Person: Sai Kiran
Email: Sai.k@datamintelligence.com
Phone: +1 877 441 4866
Website: https://www.datamintelligence.com
About Us -
DataM Intelligence is a Market Research and Consulting firm that provides end-to-end business solutions to organizations from Research to Consulting. We, at DataM Intelligence, leverage our top trademark trends, insights and developments to emancipate swift and astute solutions to clients like you. We encompass a multitude of syndicate reports and customized reports with a robust methodology.
Our research database features countless statistics and in-depth analyses across a wide range of 6300+ reports in 40+ domains creating business solutions for more than 200+ companies across 50+ countries; catering to the key business research needs that influence the growth trajectory of our vast clientele.
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