Press release
Energy Storage Systems Market to Reach 628.4 GW by 2032, Says Stratview Research
Stratview Research
Stratview Research, a global market research firm, has launched a report on the global market, which provides a comprehensive outlook of the global and regional industry forecast, current & emerging market trends, segment analysis, competitive landscape, & more.
Request a free sample report: https://www.stratviewresearch.com/Request-Sample/1751/energy-storage-systems-market.html
Market Statistics
• Market size: 260 GW in 2024
• Forecast value: 628.4 GW by 2032
• CAGR: 11.6% during 2025-2032
• Forecast period: 2025-2032
• Base year: 2024
• Total number of segments: 3
• Tables & figures: 100+
• Country-Level Market Assessment: 20
MARKET SEGMENTATION
By Technology Type
• Pumped Hydro
• Electro-Chemical
• Electro-Mechanical
• Thermal
By Application Type
• Electric Energy Time Shift
• Electric Supply Capacity
• Black Start
• Renewable Capacity Firming
• Frequency Regulation
• Others
By Region
• North America
• Europe
• Asia-Pacific
• Rest of the World
SEGMENT ANALYSIS
In Technology Type, Pumped Hydro is the dominant segment due to its high efficiency, long lifespan, and relatively low storage cost compared with other technologies, which sustains strong deployment for grid-scale storage. At the same time, Electro-Chemical technologies - especially battery solutions like lithium-ion - are among the fastest-growing due to rapid advances in energy density, scalability, and falling cost structures, indicating that suppliers investing in next-generation battery systems could capture expanding demand.
For Application Type, Electric Energy Time Shift holds the largest share as it enables utilities and energy providers to store electricity when prices are low and discharge it when demand or prices are high, improving operational economics. Growth in Renewable Capacity Firming is accelerating as grids with higher renewable penetration require storage to smooth variable generation, suggesting that businesses focusing on firming services could unlock new revenue streams.
REGIONAL INSIGHTS
Asia-Pacific is the largest market, driven by rapid industrialization, significant renewable energy capacity additions, and supportive energy policies in major countries including China, Japan, and India. This regional dominance presents strong opportunities for manufacturers and investors targeting large-scale installations and local partnerships.
MARKET DRIVERS
• Increasing demand for continuous and reliable electricity supply as grids modernize.
• Growing global focus on renewable energy integration requiring balancing and storage solutions.
• Technological advancements enhancing storage efficiency and lowering costs.
• Rising investment in utility-scale projects and grid infrastructure upgrades.
• Expansion of applications like frequency regulation and black start services.
Competitive Landscape
Top Companies in the Market
• Samsung SDI
• Tesla Inc
• Panasonic
• Hitachi Chemical
• GS Yuasa
• J-Power
• LG Chem
• Exide Technologies
• Toshiba
• BYD Co
• Sinohydro
• Voith
• EDF
• Dongfang Electric
• Goss Engineering
• Evapco
• Steffes Corporation
• Genex Power Limited
• Alstom
• Schluchseewerk AG
FAQs
1. How big is the energy storage systems market right now?
The energy storage systems demand was estimated at 260 GW in 2024.
2. What will the energy storage systems market reach by 2032?
The market is likely to reach 628.4 GW by 2032.
3. What CAGR is forecast for the energy storage systems market?
It is forecast to grow at a CAGR of 11.6% during 2025-2032.
4. Which technology type leads the energy storage systems market?
The pumped hydro segment is expected to be the largest technology type segment.
5. Which region currently dominates the energy storage systems market?
Asia-Pacific is estimated to be the largest market during the forecast period.
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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.
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