Renewable Energy Storage Market to Reach US$ 2,253 Million by 2031, Growing at 11.4% CAGR as Asia Pacific Leads With 39% Share

The Global Renewable Energy Storage Market reached US$ 949.9 million in 2023 and is projected to reach US$ 2,253.0 million by 2031, growing at a strong CAGR of 11.4% during the forecast period 2024-2031. Growth is being driven by the rapid expansion of renewable energy installations, increasing grid modernization efforts, and rising demand for reliable energy backup solutions that ensure stability and resilience.

Energy storage technologies such as batteries, pumped hydro, thermal storage, compressed air systems, and hydrogen-based solutions are playing a crucial role in balancing energy supply and demand. The shift toward cleaner power generation, combined with supportive government incentives and declining battery costs, is accelerating adoption across utilities, commercial users, and industrial sectors. As countries continue prioritizing decarbonization and energy security, renewable energy storage is becoming a central pillar of modern power infrastructure, enabling greater integration of solar, wind, and other renewable sources into the global grid.

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Renewable Energy Storage Market refers to the industry that provides technologies and systems used to store energy generated from renewable sources such as solar and wind, enabling reliable, flexible, and continuous power supply.

Key Developments

United States
✅ August 2025: U.S. utilities accelerated deployment of long-duration energy storage systems, including flow batteries and iron-air technologies, to support grid reliability during peak renewable generation periods.

✅ June 2025: American battery manufacturers began commercial production of next-generation solid-state batteries optimized for large-scale renewable storage applications, offering higher safety and longer cycle life.

✅ April 2025: Renewable power developers expanded hybrid solar-plus-storage projects across multiple states, integrating advanced energy management software to maximize grid flexibility and reduce curtailment.

Japan
✅ September 2025: Japanese grid operators increased installation of containerized lithium-ion storage units to stabilize renewable energy fluctuations in urban and island grid systems.

✅ June 2025: Japan's major technology companies introduced hydrogen-based energy storage pilots, using surplus wind and solar power to produce green hydrogen for seasonal storage.

✅ February 2025: Research institutions in Japan developed improved battery control algorithms that optimize charging cycles and extend the lifespan of renewable energy storage batteries deployed in smart grid networks.

Mergers & Acquisitions
United States
✅ May 2025: A U.S. energy storage integrator acquired a battery analytics software firm to strengthen its digital capabilities for managing large-scale renewable storage assets.

Japan
✅ March 2025: A Japanese energy solutions provider formed a strategic alliance with a domestic battery manufacturer to co-develop long-duration storage systems for solar and offshore wind projects.

✅ January 2025: A Japan-based power equipment company partnered with a U.S. grid technology firm to expand deployment of advanced energy storage in North American renewable power projects.

Key Players:
Delta Electronics, Inc. | General Electric Company | Hitachi, Ltd. | Siemens Energy | Tesla, Inc. | Toshiba Corporation | Trina Solar Co., Ltd. | ABB Ltd. | EVLO Energy Storage Inc. | NEC Corporation

Key Highlights :
• Tesla, Inc. - 21.7% share, leading the market with its advanced lithium-ion energy storage systems, strong integration with renewable assets, and large-scale deployments across grid and commercial applications.

• Siemens Energy - 18.9% share, driven by its robust grid storage portfolio, hybrid renewable solutions, and strong presence in Europe and North America.

• ABB Ltd. - 17.4% share, supported by its strong power electronics, microgrid systems, and industrial energy storage solutions.

• General Electric Company - 13.8% share, leveraging its energy storage platforms integrated with wind and gas power plants, enhancing hybrid power operations.

• Hitachi, Ltd. - 9.6% share, benefiting from its advanced battery systems, grid integration technologies, and Japanese market leadership.

• Toshiba Corporation - 6.4% share, known for its SCiB battery technology with high safety and long cycle life for grid and mobility applications.

• Trina Solar Co., Ltd. - 5.2% share, expanding through integrated solar-plus-storage solutions and international utility-scale projects.

• NEC Corporation - 4.1% share, maintaining presence through its grid-scale storage systems and digital energy management platforms.

• Delta Electronics, Inc. - 1.9% share, contributing with its power conversion technologies and compact commercial storage systems.

• EVLO Energy Storage Inc. - 0.9% share, growing through utility deployments and advanced containerized storage solutions in North America.

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Market Drivers
• Rising global deployment of solar, wind, and hybrid renewable systems is increasing the need for advanced storage solutions to ensure grid reliability and energy continuity.

• Growing adoption of grid modernization initiatives is supporting large-scale integration of battery energy storage, pumped hydro, and thermal storage technologies.

• Increasing importance of energy resilience for residential, commercial, and industrial sectors is boosting investments in backup and peak-shaving storage systems.

• Expanding electric vehicle infrastructure and the shift toward electrified mobility are accelerating demand for high-capacity stationary storage.

• Government policies promoting decarbonization, clean energy incentives, and renewable capacity additions are driving widespread deployment of storage projects.

Industry Developments

• October 2025 (US): Energy companies commissioned next-generation lithium iron phosphate (LFP) storage systems to support community solar and grid-balancing operations.

• August 2025 (China): Manufacturers launched long-duration flow battery systems designed for utility-scale renewable integration.

• June 2025 (Germany): Utility providers deployed thermal energy storage solutions to stabilize wind-heavy regional grids and reduce peak power costs.

• April 2025 (Australia): Developers announced hybrid solar-plus-storage microgrids aimed at improving energy access in remote and mining regions.

Regional Insights
• Asia Pacific: US$ 68.2 billion with 39 percent share. Growth is driven by "large-scale solar and wind additions, strong government-backed storage mandates, and rapid expansion of domestic battery manufacturing capacity."

• North America: US$ 54.6 billion with 31 percent share. Expansion is supported by "accelerated grid modernization, rising residential solar-plus-storage installations, and large utility procurement of long-duration battery systems."

• Europe: US$ 38.8 billion with 22 percent share. Growth is fueled by "strict carbon neutrality targets, widespread deployment of grid-scale storage, and increasing reliance on intermittent renewable sources."

• Latin America: US$ 8.1 billion with 5 percent share. Demand is rising due to "expansion of solar and wind farms, need for grid reliability in remote regions, and adoption of hybrid renewable microgrids."

• Middle East and Africa: US$ 5.3 billion with 3 percent share. Growth is driven by "rapid solar megaproject development, national clean energy programs, and increasing use of storage to stabilize high-temperature grid environments."

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Key Segments

➥ By Type
Wind power leads the segment as one of the most widely deployed renewable sources, driven by large-scale installations and rising investments in onshore and offshore projects. Hydroelectric power maintains strong adoption due to its reliability and long operational lifespan. Solar power continues to expand rapidly, supported by declining panel costs and widespread residential and commercial installation. Bioenergy is gaining traction for waste-to-energy solutions, while other renewable sources contribute to niche and emerging applications.

➥ By Technology
Battery storage dominates owing to its scalability, fast response time, and widespread use in residential, commercial, and utility-scale projects. Pumped hydro storage remains significant as the most established large-scale storage technology. Flywheel energy storage is expanding in applications requiring high power and rapid charge-discharge cycles. Thermal storage is gaining adoption in concentrated solar power plants and industrial heat management, with other technologies emerging for specialized energy storage needs.

➥ By End-User
Residential users increasingly adopt renewable energy systems paired with storage for cost savings and backup power. Industrial users utilize large-scale storage and renewable systems to enhance energy reliability and reduce operational costs. Commercial users are rapidly investing in renewable generation and battery storage to improve energy efficiency, lower electricity expenses, and support sustainability objectives.

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