Vertical: EnP10 Sections
Market Size (2017)
$186.26B
Projected (2024)
$291.66B
CAGR (2017–2024)
6.6%
Key Players
15+
The demand for energy storage systems is growing rapidly owing to various factors, such as the increase in use of renewable energy sources, growing demand for electric vehicles, and favorable government policies.
The global energy storage system market is projected to grow at 6.81% CAGR during the forecast period, 2019–2024. In 2018, the global energy storage system market was led by Asia-Pacific with a 38.6% share, followed by North America and Europe with shares of 32.2% and 21.1%, respectively.
The energy storage system market has been segmented based on technology, application, and region. On the basis of technology, the market has been segmented into pumped hydro energy storage, mechanical, thermal, and electro-chemical. The pumped hydro energy storage segment is expected to grow at the fastest rate during the forecast period. On the basis of application, the market has been segmented as residential, commercial & industrial, utilities, and transportation.
The Energy Storage System Market market is projected to grow at a CAGR of 6.6% from 2017 to 2024.
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View Subscription PlansEnergy storage systems are various mechanical, chemical, and thermal equipment used for storing energy at a particular time for later use. The use of energy storage systems has grown considerably with the growing use of renewable energy sources. Energy storage systems can be connected to the grid to power supply during peak hours, which adds to the flexibility of the power grid.
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View Subscription PlansWantstats research is conducted by industry experts who offer insight into industry structure, market segmentations, Type assessment, competitive landscape (CL), penetration, as well as on emerging trends. Besides primary interviews (~ 80%) and secondary research (~ 20%), their analysis is based on their years of professional expertise in respective industries. Our analysts also predict where the market will be headed in the next five to ten years, by analyzing historical trends and current market positions. Furthermore, the varying trends of segments & categories geographically presented are studied and are estimated based on primary & secondary research.
Base Year
—
Historical Period
2017 – 2024
Forecast Period
2017 – 2024
Primary Interviews
150+
Historical performance and future projections
Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.
The global energy storage system market is characterized by the presence of many global, regional, and local vendors. The global market is highly competitive with all the players competing to gain a larger market share. Intense competition, rapid advances in technology, increasing use of renewable energy sources, frequent changes in government policies, and environmental regulations are some of the key factors that are expected to drive the market growth. The vendors compete based on cost, product quality, reliability, and aftermarket service. It is crucial for the vendors to offer cost-efficient and high-quality products to survive and succeed in the competitive market.
The growth of the market vendors is dependent on the market conditions, government support, and industry development. The market players operating in the global energy storage system market are taking steps to expand their presence. ABB Inc., Tesla, The AES Corporation, Siemens, Hitachi Chemical Co. Ltd, Panasonic Corporation, Schneider Electric, Eaton, Voith GmbH & Co. KGaA, General Electric, Sulzer Ltd, LG Chem, Nextera Energy Inc., Hydrogenics Corporation, and Linde are the key companies operating in the global energy storage system market. These companies compete in terms of availability, quality, price, and technology. They primarily focus on developing the energy storage systems market. Although the international players are dominating the market, local players with small market shares have a presence. The international players may strengthen their presence in the market through acquisitions during the forecast period
Market estimates by geography (2024)
InsightAsia Pacific leads with $114.32B by 2024.
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View Subscription Plans| REGION | 2017 | 2017 | 2024 | CAGR | SHARE |
|---|---|---|---|---|---|
| North America | $59.98B | $76.68B | $94.06B | 6.6% | 32% |
| Europe | $39.49B | $49.84B | $60.57B | 6.3% | 21% |
| Asia Pacific | $71.62B | $92.49B | $114.32B | 6.9% | 39% |
| Rest of the World | $15.18B | $18.89B | $22.71B | 5.9% | 8% |
| Total | $186.26B | $237.90B | $291.66B | 6.6% | 100% |
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View Subscription PlansTotal Market Size
$291.66B
| APPLICATION | REVENUE ($B) | GROWTH RATE | MARKET PENETRATION |
|---|---|---|---|
| Utilities | $109.84B | 7.0% | 38% |
| Commercial & Industrial | $80.20B | 6.1% | 27% |
| Residential | $61.66B | 6.6% | 21% |
| Transportation | $39.95B | 6.8% | 14% |
* Revenue projections based on 2025 estimates. Growth rates represent CAGR 2024–2030. Market penetration indicates current adoption rate within addressable market segments.
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Analytical insights on Energy Storage System Market covering market dynamics, competitive landscape, and strategic outlook.
The Energy Storage System Market market is projected to reach $291.66B by 2024, growing at 6.6% CAGR. The Utilities segment holds the largest share.
The global energy storage system market is expected to witness high growth during the forecast period, owing to the increase in use of renewable energy sources for fulfuling the energy demands from the developing nation, growing demand for electrical vehicles and favorable government policies. Energy storage is the method and technology used to store various forms of energy. There are many different forms of energy storage, which include, batteries, and mechanical and thermal storage. The scope of energy storage systems in remote areas and expansion of grids and related infrastructure are opportunities in energy stoarge system system market. However, high R&D investment, might hinder the growth of the market.
According to the New Energy Outlook 2018 by Bloomberg NEF, the global electricity demand would reach 38,700 terawatt-hours by 2050 as compared to 25,000 terawatt-hours in 2017, owing to the growing urbanization, increasing population, rise in infrastructure activities, and enhanced access to electricity. According to a UN report, the world population is projected to increase by 1 billion between 2016 and 2026 and reach 9.6 billion by 2050. Moreover, the advancements in technology across industrial, commercial, and residential sectors further increase the availability of products, which consume more energy. Growth in energy demand primarily comes from developing economies, such as South Africa and India. Such countries contribute to more than two-thirds of the increase in energy consumption.
Furthermore, the rising concern regarding the reduction of carbon emission drives the need for an increasing share of clean energy in the power generation mix. Wind, hydropower, solar, bioenergy, and other renewable energy sources are experiencing growth in demand, since they help reduce carbon emissions. Renewable energy sources such as wind and hydroelectricity, are less prone to large-scale failure as the installation of these power plants is spread out over a large area, eliminating power disruption in the entire area, in case of a severe weather event in any location. Wind, solar, and hydroelectric energy systems generate electricity without any air pollution emissions, which the non-renewable energy sources, such as coal and natural gas, emit. Such factors coupled with an increase in awareness about environmental safety and security have fuelled the market growth for renewable energy, globally. In addition to this, according to the Bloomberg Finance, in 2018, the global energy storage system market will attract the investment of USD 620 billion by 2040.
Furthermore, China, the US, India, Japan, Germany, France, Australia, South Korea and the UK will be the leading countries in the global energy storage system market. Hence, such investments in the renewable energy sector would drive the market for energy storage as energy storage can smoothen the renewable energy profile because renewable energy, such as wind and solar, have variable outputs, which ensure the supply of electrcity during the demand. The energy storage system stores excess power generated from renewable sources and supplies during hours of weak sunlight or wind.
With the increase in research and development activities related to renewable energy, renewable energy sources, such as solar power plants, can provide sufficient energy to power buildings, especially in the remote locations of underdeveloped areas. Globally, billions of people stay in secluded areas without access to power. It is difficult to establish new utility lines in such isolated areas, as they can be extremely challenging and expensive. Due to the advancements in solar panel and battery technology, it is beneficial to have solar panel systems in remote areas, as they provide a very reliable and cost-effective source of power. For instance, as per the World Bank, in 2017, The Economic Community of West African States (ECOWAS), comprising 14 members has one of the lowest per capita electricity consumption rates in the world. Thus, such insufficient electricity infrastructure strengthens the scope for energy storage in the remote areas.
Additionally, the grid-stabilizing systems, including control systems, batteries, inverters, and virtual generator control software, enable the use of renewable generation in remote areas, leading to the growth of energy storage system. It provides electrical power support to isolated communities and industrial zones, such as mines and construction sites, where the fuel cost plays a significant role. This makes the global energy storage infrastructure flexible, cost-effective, and interconnected. Additionally, as per the Energy Storage Association, the US would supply 35 GW of energy to the grid by 2025. This is because the storing energy enables a more resilient, efficient, sustainable and affordable grid. It would also help balance the growing need for power and the associated environmental concerns. Thus, the government support and continuous investment in energy storage can pave way for economic development in remote areas. Therefore, the scope for energy storage in remote areas is an opportunity in the market.
Energy storage systems include batteries, flywheel, thermal storage, and compressed air is quite expensive and complex to operate, especially for larger energy storage systems. For instance, batteries are currently the main cause of the higher upfront costs of EVs in comparison with digital technologies. Moreover, larger energy storage systems require more battery monitors to obtain real-time results from various processes. This causes a significant rise in the total cost of energy storage. Moreover, the cost of the energy storage system depends on the type of battery and type of energy storage deployed. For instance, the cost of energy storage systems for lithium-ion batteries is higher than the lead-acid and nickel-based batteries. However, the cost can be reduced by some extent, it could hinder the global energy storage system market.
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Profiles of 105 companies operating in the Energy Storage System Market market, including revenue, employee count, and market positioning where available.
Showing 105 of 105 companies
Company Headquarters: Mississauga, Canada Founded: 1995 Workforce: ~183 Company Working: Hydrogenics is one of the global leaders in designing, manufacturing, building, and installing industrial and commercial hydrogen generation, hydrogen fuel cells, and MW-scale energy storage solutions. It provides its expert solutions and products for a wide range of applications including industrial processes, fueling stations, commercial fleets, utility vehicles, electric lift trucks, and critical power and UPS systems. The company operates through two business segments, which are onsite generation and power systems. Energy storage products are provided under its power systems segment. It has manufacturing facilities in Germany, Belgium, and the US. Additionally, the company also has sales and corporate offices across the globe.
Company Headquarters: Heidenheim, Germany Founded: 1867 Workforce: ~19,000 Company Working: Voith GmbH & Co. KGaA is a leading company with a broad portfolio of systems, products, services, and digital solutions. It had set standards in the energy, oil & gas, paper, raw materials, transport, and automotive industries. The company also manufactures hydropower turbines, generators, and drive components, which are used in applications such as industrial plants, road and rail vehicles, and waters. It operates through four segments, which are hydro, paper, turbo, and digital ventures. The company offers energy storage system products under its hydro and turbo segments. It provides its advanced products and solutions for end-use industries such as cement, chemicals & petrochemicals, commercial vehicles & automotive, construction, marine, mechanical engineering, mining, oil & gas, thermal power plants, rail vehicles, and steel. Voith GmbH & Co. KGaA has operations in more than 60 countries, across the globe. Ray Sono AG, Voith Turbo GmbH & Co. KG, Voith Hydro Holding GmbH & Co. KG, Voith Industrial Services AS, and Voith Industrial Services Holding GmbH are some of its subsidiaries
Company Headquarters: Virginia, US Founded: 1981 Workforce: ~9,000 Company Working: The AES Corporation is a leading company with a diverse portfolio of distribution businesses and thermal and renewable generation facilities. It primarily focuses on providing energy solutions that enhances various technologies that are based on coal, diesel, gas, oil, coke petroleum, and renewables. The company’s products have applications in hospitals, homes, schools, and commercial facilities. It provides safe, reliable, and sustainable energy storage solutions. The company specializes in developing and operating energy generation individual solar PV projects and solar PV projects that are combined with energy storage project systems. It operates in the UK, Argentina, Pakistan, China, Hungary, and Brazil.
Company Headquarters: US Founded: 2003 Workforce: ~33,000 Company Working: Tesla Inc. is one of the leading automotive manufacturers that designs, develops, manufactures, and sells fully electric high-performance vehicles. It operates through two segments, which are automotive and energy generation and storage service and others. The automotive and energy generation segment comprises premium electric sedans, such as the Model S sedans and Model X sport utility vehicles. Additionally, the company distributes its all-electric premium sedans, globally. The energy generation and storage service business segment offers superchargers and charging stations. Apart from this, the company leverages its technical expertise in power electronics, batteries, and integrated systems to manufacture and sell energy storage products. Tesla, Inc. manufactures all its automobiles in Fremont, California, the US, where the vast majority of the vehicle components are made. The company offers an exclusive set of energy solutions, power walls, power packs, and solar roofs for enabling homeowners, businesses, and utilities to manage renewable energy generation, storage, and consumption. Furthermore, it offers electric vehicle powertrain components and systems and services for electric vehicles to other manufacturers.
Linde plc is the world's largest industrial-gas company by revenue. It generated $34.0 billion of FY2025 sales and $10.1 billion of adjusted operating profit, an industry-leading 29.8% adjusted margin. The company produces and distributes atmospheric gases (oxygen, nitrogen, argon, rare gases) and process gases (hydrogen, helium, CO2, CO, electronic and specialty gases, acetylene) through three supply modes: on-site/pipeline, merchant bulk and packaged cylinders. Customers span chemicals and energy, healthcare, manufacturing, metals and mining, food and beverage, and electronics in roughly 80+ countries. A captive engineering arm, Linde Engineering, designs air-separation, hydrogen/syngas, olefin and natural-gas plants. Its economics rest on dense regional networks, take-or-pay contracts of 10–20 years and contractual energy pass-through, which together produce utility-like cash flows: $10.4 billion of FY2025 operating cash flow. Strategy combines pricing discipline, productivity and a contracted project backlog (about $11 billion at Q2 2026), with growing exposure to semiconductors, commercial space and low-carbon hydrogen. --- ### Company's own description (FY2025 Form 10-K, Item 1) The 10-K describes Linde as the largest industrial gas company worldwide and a major technological innovator in industrial gases. - **Primary products:** atmospheric gases (oxygen, nitrogen, argon and rare gases) and process gases (hydrogen, helium, carbon dioxide, carbon monoxide, electronic gases, specialty gases and acetylene). - **Engineering offering:** Linde designs and builds gas-production and gas-processing plants, including olefin, natural-gas, air-separation, hydrogen and synthesis-gas plants. - **Industries served:** healthcare, chemicals and energy, manufacturing, metals and mining, food and beverage, and electronics. The earnings-release boilerplate (Q2 2026) frames the mission as "making our world more productive". It highlights space-launch propellants, ultra-high-purity gases for semiconductor fabs, medical oxygen, clean hydrogen and carbon capture. ### Business model and revenue model Linde's revenue is overwhelmingly product sales under contract, not subscription or licensing. The model has four supply channels, set out below with the FY2025 revenue split by distribution channel (Fiscal.ai via StockAnalysis.com; company 10-K for contract terms). The service component (cylinder rental, homecare via Lincare in the US, plant operations, digital services) is embedded in these channels and is not separately disclosed. - **Licensing:** Linde licenses process technology through Linde Engineering (e.g., air separation, HISORP carbon capture, olefin and LNG processes), but licence income is not separately disclosed (n.p.d.). - **Energy pass-through:** energy is the single largest cost. Large contracts carry pass-through and escalation clauses, so reported sales move with energy prices ("cost pass-through") with minimal profit impact. ### Value-chain position Linde is vertically integrated from technology and plant design (Linde Engineering), through production (approximately 855 major cryogenic ASU/H2/CO2 plants across the three regions per the 10-K property description), to distribution (pipelines, tanker fleet, cylinder depots, retail stores) and application know-how at the customer site. Upstream inputs are electricity, natural gas and purchased raw gases. Hydrogen, CO2 and calcium carbide are often sourced as by-products, and helium comes from US natural gas streams and imports. The Engineering segment both sells plants to third parties and builds plants for Linde's own gas business. Intersegment sales from Engineering to the gas segments were $2,702m in FY2025, against $1,958m in 2024 and $1,479m in 2023, showing rising internal capital deployment. ### Customer types and end-markets The 10-K states that Linde is not dependent on any single customer or small group of customers. ### Independent characterization Linde is best understood as a regulated-utility-like infrastructure owner with commercial pricing freedom. About one quarter of revenue is long-dated, take-or-pay on-site supply, which provides a floor. The merchant and packaged businesses, about 65% of revenue, are local oligopolies. Transport economics limit competition to a radius of a few hundred miles, so network density converts directly into pricing power. Linde's distinguishing trait relative to peers is capital discipline. It typically commits capital only against secured offtake, and it prices to recover inflation. This has delivered steady price attainment of 2–4% a year even through flat or negative base volumes (FY2025 volumes: 0%). The principal earnings risk is not demand collapse but volume stagnation in cyclical industrial end-markets (notably Europe) together with engineering-project execution, as illustrated by the Russian Amur gas processing plant dispute.
NOV is the world's largest independent, pure-play original equipment manufacturer and technology supplier to the upstream oil and gas industry. Its scale is unmatched in drilling rig equipment, drill pipe, drill bits, downhole tools and subsea flexible pipe. Rather than selling oilfield services on a per-well basis like SLB or Halliburton, NOV designs, manufactures, rents and supports the machinery and consumables that service companies, drilling contractors and operators use. It also monetizes an installed base of thousands of rigs through high-margin aftermarket spares, repair and digital services. The portfolio is split between a shorter-cycle, activity-driven segment (Energy Products and Services) and a longer-cycle, backlog-driven capital equipment segment (Energy Equipment). That mix gives NOV both near-term operating leverage to drilling activity and multi-year visibility, with USD 4.1B of backlog at June 2026. Growth vectors include offshore production (FPSO process systems, flexible pipe), automation and robotics, and international unconventionals. NOV also has optionality in geothermal, offshore wind installation vessels and carbon capture equipment. The balance sheet is near net-cash. --- ### Company's own description (paraphrased from the FY2023–FY2025 10-Ks) NOV describes itself as a leading independent equipment and technology provider to the global energy industry. Its stated mission is to deliver technology-driven solutions that improve the economics, efficiency, safety and environmental footprint of energy production. NOV says it applies its expertise and technology to support the transition toward more sustainable energy. Its strategic focus is on automation, predictive analytics and condition-based maintenance. The FY2025 10-K reiterates that NOV is focused on developing and commercializing products and services that lower the marginal cost and environmental footprint of energy production. The corporate tagline is that NOV "powers the industry that powers the world." ### Independent characterization NOV is best understood as an industrial capital-goods and consumables business levered to upstream oil and gas capex. It is not an oilfield-services company in the conventional sense. It has three economic engines: 1. **Consumables and rentals (short-cycle):** drill bits, drill pipe, downhole motors and tools, solids-control consumables, coiled tubing and wireline consumables, and composite pipe. Demand tracks rig counts and footage drilled, with a lag of weeks. 2. **Capital equipment (long-cycle):** rig packages (land and offshore), pressure pumping and intervention equipment, subsea flexible pipe, FPSO process modules and turret mooring systems, offshore cranes, and wind and cable-lay vessel equipment. These are booked into backlog and revenue is recognized over time, typically 6–36 months. 3. **Aftermarket and digital (installed-base annuity):** spares, repair, recertification, field service, upgrades, and software and data services (for example, wired drill pipe, rig control systems and remote monitoring). Aftermarket is the highest-margin stream in Energy Equipment. In Q1 2026 it was about 37% of that segment's revenue (USD 440M, down 12% year over year, per the Q1 2026 call). ### Revenue model mix NOV does not disclose a product versus service versus subscription versus licensing split in exactly those categories. It does disaggregate revenue by segment, destination and revenue stream in its 10-K revenue footnote. The proxies available are as follows: ### Value-chain position NOV is a Tier-1 OEM supplying the following customers: - **Drilling contractors** (for example, offshore jackup, semisub and drillship owners; land drillers): rig equipment, spares and service. - **Oilfield service companies** (pressure pumpers, coiled tubing and wireline operators, and the large integrated service companies): intervention equipment, consumables and rentals. - **Exploration and production operators**, including majors, NOCs and independents: drill pipe, bits, completion tools, subsea flexible pipe, production process systems and artificial lift. - **Shipyards and EPC contractors**: rig packages, FPSO topside modules and offshore cranes. - **Non-oilfield marine and industrial customers**: wind turbine installation vessel equipment, cable-lay systems, and (until April 2024) utility poles.
10 interactive charts drawn from the Energy Storage System Market dataset — market size, regional splits and each segment breakdown. Open one to read its full data table and download it.
Global Energy Storage System Market Latin-America, Middle-East and Africa Of Rest Of The World
Global Energy Storage System Market Australia, China, India, Japan, South Korea and Rest Of Asia Pacific By Country
Global Energy Storage System Market Germany, France, United Kingdom, Italy and Rest Of Europe By Country
Global Energy Storage System Market United States, Canada and Mexico Of North America By Country
Global Energy Storage System Market By Region
Energy Storage System Market Rest Of The World
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Historical performance and future projections (2020–2030, USD Billion)
Market Size (USD Mn)
