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Energy Storage Market Size to Reach USD 465 Billion by 2030 | Fastest Growing Region North America, Says Mordor Intelligence
Energy Storage Market Size & Trends | Mordor Intelligence
Browse Full Report Details Followed by TOC: https://www.mordorintelligence.com/industry-reports/energy-storage-market?utm_source=openpr
Energy storage systems are now recognized as a critical component of modern power infrastructure. They enable utilities, businesses, and households to balance supply and demand, improve grid reliability, and integrate renewable energy sources more effectively. From large-scale utility projects to residential behind-the-meter solutions, the market is diversifying across technologies and geographies.
Key Trends in the Energy Storage Market
Declining Lithium-Iron-Phosphate (LFP) Battery Costs: Record lows of USD 115/kWh in 2024 have positioned LFP batteries as the leading chemistry for long-duration storage. Their safety profile and affordability are enabling utilities to replace gas peaker plants with battery systems capable of up to 10 hours of discharge
Grid-Scale Incentive Programs: Policies such as the U.S. Inflation Reduction Act and the EU Renewable Energy Directive III are unlocking gigawatt-scale storage pipelines. These incentives are accelerating adoption across North America, Europe, and China
Data Center Demand: With data centers projected to consume up to 12% of U.S. electricity by 2028, millisecond-response storage solutions like flywheels and advanced battery systems are being deployed to ensure uninterrupted operations
EV Charging Infrastructure: The expansion of electric vehicle charging corridors is driving demand for stationary storage. Batteries co-located with fast chargers reduce grid constraints and support ultra-fast charging
Regional Growth Patterns: Asia-Pacific currently leads with 43% market share, while North America is expected to post the fastest growth at a 14.5% CAGR through 2030
Stay informed with expert-backed research-now including translations and local insights for Japan and other key markets: https://www.mordorintelligence.com/ja/industry-reports/energy-storage-market?utm_source=openpr
Energy Storage Market Segmentation
By Technology
Batteries (Lithium-ion, Solid-State, Sodium-ion, Flow Batteries)
Pumped-Storage Hydroelectricity
Thermal Energy Storage
Compressed Air Energy Storage
Flywheel and Gravity-Based Storage
By Connectivity
On-Grid Systems (90% share in 2024)
Off-Grid Systems (growing at 12.3% CAGR)
By Application
Grid-Scale Utility Projects (64% share in 2024)
Residential Behind-the-Meter Systems
Commercial and Industrial Storage
EV Charging and Transportation Solutions
By Geography
Asia-Pacific (largest market share)
North America (fastest growth)
Europe (strong utility-scale adoption)
South America
Middle East & Africa
This segmentation highlights the diverse opportunities across regions and applications, with batteries expected to challenge pumped hydro's dominance due to shorter permitting cycles and lower costs.
Explore Competitive Landscape Details: https://www.mordorintelligence.com/industry-reports/residential-energy-storage-systems-market/companies?utm_source=openpr
Energy Storage Market Key Players
Contemporary Technology Co. Ltd. (CATL) - Global leader in battery shipments, leveraging cost leadership and large-scale contracts.
Tesla Inc. - Combining battery supply with inverter electronics and software, recently securing a record 15.3 GWh project.
LG Energy Solution Ltd. - Expanding lithium-ion production capacity to meet global demand.
BYD Co. Ltd. - Strong presence in both automotive and stationary storage markets.
Fluence Energy Inc. - Specializing in grid services and digital analytics for utility-scale deployments
Other notable companies include Siemens Gamesa, Wartsila, Samsung SDI, ABB, and General Electric, all contributing to the competitive landscape with diverse technologies and regional strategies.
As renewable energy adoption accelerates, storage systems will play a crucial role in ensuring reliability, reducing curtailment, and enabling flexible power delivery. The combination of established technologies like pumped hydro and emerging solutions such as flow batteries and gravity storage ensures a diversified future.
Explore Related Reports:
Natural Gas Storage Market: The Report is Segmented by Storage Type (Underground - Depleted Reservoirs, Underground - Salt Caverns, Above-Ground - LNG Tanks, and More), Mode of Service (Base-Load Storage, Peak-Shaving Storage, and Seasonal Balancing Storage), End-User (Gas Utilities, Independent Storage Operators, Power Generators, and More), and Geography (North America, Europe, Asia-Pacific, South America, and More).
Explore Full Details: http://mordorintelligence.com/industry-reports/natural-gas-storage-market?utm_source=openpr
Residential Energy Storage Systems Market: The Report is Segmented by Technology Type (Lithium-Ion Batteries, Lead-Acid Batteries, and Other Technology Types) and Geography (North America, Asia-Pacific, Europe, Middle East and Africa, and South America).
Explore Full Details: https://www.mordorintelligence.com/industry-reports/residential-energy-storage-systems-market?utm_source=openpr
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About Mordor Intelligence
Mordor Intelligence is a trusted partner for businesses seeking comprehensive and actionable market intelligence. Our global reach, expert team, and tailored solutions empower organizations and individuals to make informed decisions, navigate complex markets, and achieve their strategic goals. With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence possesses a unique understanding of the global business landscape. This expertise translates into comprehensive syndicated and custom research reports covering a wide spectrum of industries, including aerospace & defense, agriculture, animal nutrition and wellness, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, investment opportunities, and logistics.
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