Energy & PowerJul 12, 2023

Energy Storage System Market

By Segment, By Region, And Segment Forecasts, 2017 – 2024

Vertical: EnPBase Year: 201710 Sections

Book Demo

Executive Summary

Energy Storage System Market — Snapshot

Market Size (2017)
2017
$186.26B
Projected (2024)
2024
$291.66B
CAGR (2017–2024)
6.6%
6.6%
Key Players
105+

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.

Key Insight

The Energy Storage System Market market is projected to grow at a CAGR of 6.6% from 2017 to 2024.

Market Performance Trend

Historical performance and future projections (2020–2030, USD Billion)

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Market Scope & Coverage

What this report covers

Geographic Coverage: This analysis covers 4 regions: North America, Europe, Asia Pacific, Rest of the World.
Market Segmentation: The market is analyzed across 4 segments: Utilities, Commercial & Industrial, Residential, Transportation. Forecasts are provided for each segment from 2017 to 2024.
Competitive Landscape: 105 leading companies are profiled, covering market positioning, strategies, and recent developments.

Market Size (USD Mn)

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Market Overview

Energy Storage System Market — Growth Trajectory

Energy 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.

Energy Storage System Market — Growth Trajectory

Utilities

Commercial & Industrial

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Market Size Trend (USD Mn)

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Market Dimensions

How this market is segmented

Technology is broken down into: Pumped Hydro Storage, Thermal Storage, Electro-chemical, Mechanical.
Application is broken down into: Residential, Commercial & Industrial, Utilities, Transportation.

Geographic Analysis

Regional market breakdown

North America North America market size reached $59.98B in 2017 and is projected to reach $94.06B by 2024, growing at a CAGR of 6.6%.
Europe Europe market size reached $39.49B in 2017 and is projected to reach $60.57B by 2024, growing at a CAGR of 6.3%.

Asia Pacific Asia Pacific market size reached $71.62B in 2017 and is projected to reach $114.32B by 2024, growing at a CAGR of 6.9%.
Rest of the World Rest of the World market size reached $15.18B in 2017 and is projected to reach $22.71B by 2024, growing at a CAGR of 5.9%.

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Research Methodology

Energy Storage System Market — How We Researched This Market

Wantstats 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
2017
Historical Period
2017 – 2017
Forecast Period
2017 – 2024
Primary Interviews
150+

Research Process

Historical data (2017–2017) and forecast period (2017–2024)

1

Problem Definition

Market scoping
Objective setting
Framework design

2

Secondary Research

Literature review
Data mining
Trend analysis

3

Primary Research

Expert interviews
Field visits
Surveys

4

Data Analysis

Quantitative modeling
Statistical testing
Validation

5

Insights & Reporting

Synthesis
Recommendations
Visualization

Research Depth

Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.

Historical vs. Forecast Data

Historical (observed)

Forecast (modelled)

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Quantitative Analysis

Regional Breakdown

Regional market breakdown for Energy Storage System Market.

Regional Market Size (USD Mn)

Market estimates by geography (2024)

USD Mn

InsightAsia Pacific leads with $114.32B by 2024.

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Regional Market Data

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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Segment Revenue (2024)

Utilities

Commercial & Industrial

Residential

Transportation

0302076041390620120826

Utilities38%
Commercial & Industrial27%
Residential21%
Transportation14%

Total Market Size

$291.66B

Market by Segment (2024)

APPLICATION	REVENUE ($B)	GROWTH RATE	MARKET PENETRATION
Utilities	$109.84B	6.6%	60%
Commercial & Industrial	$80.20B	6.6%	82%
Residential	$61.66B	6.6%	89%
Transportation	$39.95B	6.6%	89%

* 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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Analytics

Energy Storage System Market — Key Findings

Analytical insights on Energy Storage System Market covering market dynamics, competitive landscape, and strategic outlook.

Key Analytical Findings

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.

Market Dynamics

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.

Market Drivers

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.

Market Opportunities

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.

Market Restraints

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.

Strategic Outlook and Future Directions

Near-term growth will likely concentrate in modular bioreactor lines and closed-system media workflows that shorten validation cycles while preserving batch traceability.

Partnerships between CDMOs and instrumentation vendors should accelerate standard datasets for comparability across sites, improving forecasting models used in capacity planning.

Longer horizon, organoid and microphysiological adoption may reshape segment mix; teams that invest early in assay interoperability and cloud QC hooks are better positioned to capture upside without fragmenting their analytics stack.

Market Value by Segment (2024)

Value (USD Mn)

Utilities

Commercial & Industrial

Residential

Transportation

Companies

Key companies profiled in Energy Storage System Market

Profiles of 105 companies operating in the Energy Storage System Market market, including revenue, employee count, and market positioning where available.

Region

Industry

Founded Year

Showing 105 of 105 companies

Hydrogenic

Hydrogenics Corporation

Energy & Power

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.

Voith GmbH & Co. KGaA

Energy & Power

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

The AES Corporation

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.

Company Headquarter: Dublin, Ireland Founded:1879 Workforce:80000 Company Working: Linde is the largest industrial gas company worldwide and is a major technological innovator in the industrial gases industry. Its primary products in its industrial gases business are atmospheric gases (oxygen, nitrogen, argon, and rare gases) and process gases (carbon dioxide, helium, hydrogen, electronic gases, specialty gases, and acetylene). The company also designs and builds equipment that produces industrial gases and offers customers a wide range of gas production and processing services such as olefin plants, natural gas plants, air separation plants, hydrogen and synthesis gas plants and other types of plants. Linde's industrial gases are used in countless applications, from life-saving oxygen for hospitals to high-purity & specialty gases for electronics manufacturing, and hydrogen for clean fuels among others. The company operates in more than 100 countries worldwide with its principal offices in the United Kingdom and United States. In 2018, Praxair, one of the largest industrial gases company in North and South America, and the third-largest worldwide by revenue merged with Linde AG to form Linde plc.

United States, North America

Siemens AG

Equipment & Machinery

United States, North America

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About the Author

Energy & Power Equipment Research Team

Energy & Power · Energy & Power Equipment

This report comes from Wantstats' energy team — analysts who spend their days tracking utility filings, generation capacity, and grid investment plans across markets most research glosses over. Every number here has been checked against our own databases and validated through conversations with people actually running these projects. This report specifically covers the Energy & Power Equipment space within that portfolio.

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This is really good guys. Excellent work on a tight deadline. I will continue to use you going forward and recommend you to others. Nice job.

Michael Robert

Manager, JavolVision

Thanks, I am so happy that we worked together. Maybe we still can work together in the future.

Joseph Aguayo

Sales Operations & Pricing Manager, Intel

Thanks. It's been a pleasure working with you, please use me as reference with any other Intel employees.

Bong Lau

Sales Leader, Bamberg

We bought your "2025 report" in 2020. Everything is fine and very good.

Peter Groot Koerkamp

Account and Business Manager, EFS-Holland BV

Thanks for sending the report it gives us a good global view of the Betaïne market.

Younghwan Choi

Senior Retail Manager, LG Chem

We found the report very insightful! we found your research firm very helpful. I'm sending this email to secure our future business.

Mark Irwin

Management Consultant, Level 21

I am very pleased with how market segments have been defined in a relevant way for my purposes (such as "Portable Freezers & refrigerators" and "last-mile"). In general the report is well structured. Thanks very much for your efforts.

Rob Kooiker

Group Product Manager HVAC & Fire Protection GMA, Rockwool

I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!

Jason Lee

R&D Director, Seojin

Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.

Akif Moroglu

Strategy & Business Development Director, Dogan Holding

We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.

Energy Storage System Market

By Segment, By Region, And Segment Forecasts, 2017 – 2024

Key Insight

Market Performance Trend

Market Scope & Coverage

What this report covers

Energy Storage System Market — Growth Trajectory

Market Size Trend (USD Mn)

Market Dimensions

How this market is segmented

Geographic Analysis

Regional market breakdown

Problem Definition

Secondary Research

Primary Research

Data Analysis

Insights & Reporting

Research Depth

Historical vs. Forecast Data

Regional Market Data

Segment Revenue (2024)

Segment Market Share

Market by Segment (2024)

Save over 20% onAnnual Subscription

Key Analytical Findings

Market Dynamics

Market Drivers

Market Opportunities

Market Restraints

Strategic Outlook and Future Directions

Market Value by Segment (2024)

About the Author

Energy & Power Equipment Research Team

Market Performance Trend

Energy Storage System Market — Growth Trajectory

Market Size Trend (USD Mn)

Market Dimensions

How this market is segmented

Geographic Analysis

Regional market breakdown

Problem Definition

Secondary Research

Primary Research

Data Analysis

Insights & Reporting

Research Depth

Historical vs. Forecast Data

Regional Market Data

Segment Revenue (2024)

Segment Market Share

Market by Segment (2024)

Save over 20% onAnnual Subscription

Key Analytical Findings

Market Dynamics

Market Drivers

Market Opportunities

Market Restraints

Strategic Outlook and Future Directions

Market Value by Segment (2024)

About the Author

Energy & Power Equipment Research Team

Save over 20% on
Annual Subscription

Save over 20% on
Annual Subscription