Press release
Segmentation, Major Trends, and Competitive Overview of the Energy Storage Systems Market
Energy Storage Systems Market
Projected Growth and Market Size of Energy Storage Systems by 2030
The energy storage systems industry is set to experience significant expansion over the coming years. Market value is forecasted to reach $391.56 billion by 2030, growing at a compound annual growth rate (CAGR) of 8.0%. This growth is primarily fueled by rising demand for distributed energy storage solutions, increased adoption of utility-scale battery systems, broader deployment of residential energy storage, greater integration of electric vehicle charging infrastructure, and advancements in long-duration storage technologies. Key trends expected to shape the market include the implementation of grid-integrated smart storage solutions, the rise of electric mobility energy storage platforms, the evolution of IoT-connected distributed storage networks, the progress in intelligent manufacturing processes for battery systems, and the adoption of cloud-based energy analytics.
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Leading Companies Influencing the Energy Storage Systems Market
Several prominent companies play a vital role in the energy storage systems landscape, such as 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., and Showa Denko Materials Co. Ltd.
Strategic Moves Expanding Market Capabilities
In a notable development in October 2023, Hitachi Energy, headquartered in Switzerland and specializing in power-grid technologies and energy management, acquired a controlling interest in Eks Energy. The financial terms of the deal were not disclosed. This acquisition bolsters Hitachi Energy's expertise in battery energy storage systems and renewable energy integration. It also enriches its portfolio with advanced power conversion and control technologies, strengthening its position as a leader in grid-interactive energy storage solutions. Eks Energy, based in Spain, provides power conversion systems, inverters, and energy management products tailored for battery energy storage and renewable energy applications.
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Innovative Trends Shaping the Future of Energy Storage Systems
Industry leaders are heavily investing in the development of advanced battery energy storage systems (BESS) to address the growing integration of renewable energy, need for grid stabilization, and peak-shaving demands. BESS technologies typically use lithium-ion or lithium ferrophosphate (LFP) battery chemistries and offer advantages over conventional methods like diesel generators or pumped hydro storage, including faster response times, modular scalability, lower emissions, and better compatibility with variable renewable sources.
For example, in June 2025, Cummins India Limited introduced its Battery Energy Storage Systems, which are modular and scalable, offered in 10ft and 20ft container units with energy capacities from 200 kWh to 2 MWh. These systems incorporate LFP battery cells along with an integrated liquid-cooling thermal management system. They support plug-and-play installation and full AC-output integration, making them well-suited for renewable energy integration, peak-shaving, and energy shifting in commercial, industrial, and mining sectors.
Detailed Segment Breakdown of the Energy Storage Systems Market
This report categorizes the energy storage systems market into several important segments:
1) By Technology:
- Pumped Hydro Storage
- Battery Energy Storage
- Compressed Air Energy Storage (CAES)
- Flywheel Energy Storage
2) By Application:
- Stationary
- Transportation
3) By End User:
- Residential
- Non-Residential
- Utilities
Further subsegment classifications include:
- Pumped Hydro Storage: Conventional and Advanced types
- Battery Energy Storage: Lithium-Ion, Lead-Acid, Flow, and Sodium-Sulfur Batteries
- Compressed Air Energy Storage: Above Ground and Underground options
- Flywheel Energy Storage: Mechanical and Magnetic Bearings Flywheels
These distinctions provide a comprehensive understanding of the market's structure and highlight the diverse technologies and user bases driving growth.
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