Dublin, March 11, 2025 (GLOBE NEWSWIRE) -- The "Energy Storage Systems Market Report 2025" has been added to ResearchAndMarkets.com's offering.
The energy storage systems market size has grown strongly in recent years. It will grow from $251.14 billion in 2024 to $271.73 billion in 2025 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to grid flexibility and demand response, increased demand for remote power solutions, expansion of microgrids, cost reduction and economies of scale, efficiency improvements.
This report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. Asia-Pacific was the largest region in the energy storage systems market share in 2024. North America is expected to be the fastest-growing region in the forecast period.
The energy storage systems market size is expected to see strong growth in the next few years. It will grow to $379.29 billion in 2029 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to market expansion and global demand, increasing demand response and energy management, circular economy and sustainability, hybrid energy systems. Major trends in the forecast period include renewable energy integration, advancements in battery technologies, grid modernization initiatives, electrification of transportation, decentralized energy systems.
The rising demand for electric vehicles is expected to drive growth in the energy storage systems market in the future. For instance, a report from the International Renewable Energy Agency, an intergovernmental organization based in the United Arab Emirates that promotes renewable and sustainable energy, projects that there will be 200 million electric cars and 10 million electric buses and light-duty vehicles on the road worldwide by 2030. Consequently, the increasing demand for electric vehicles is contributing to the growth of the energy storage systems market.
The growing adoption of renewable energy sources is anticipated to fuel the growth of the energy storage systems market in the coming years. For example, in January 2024, the International Energy Agency (IEA), an autonomous intergovernmental organization based in France, reported that global renewable energy capacity rose by 50% in 2023, reaching nearly 510 gigawatts (GW), with solar photovoltaic (PV) contributing to three-quarters of this growth. In 2023, China alone added as much solar PV as the entire world did in 2022, while its wind power additions increased by 66% year-on-year. Thus, the rising adoption of renewable energy is propelling the energy storage systems market.
Technological advancements are the primary trends in the energy storage systems market. For example, in May 2022, Danfoss India, a company focused on producing energy-efficient technologies, introduced a battery-based energy storage system designed with Danfoss's sustainable drives technology to store excess energy generated. This system includes a Danfoss 250 kW Power Conversion System (PCS), a 270 kWh SARA battery, and an Energy Management System (EMS) featuring grid-scale technology. It is a versatile, reliable, scalable, and cost-effective solution.
Companies in the energy storage systems market are launching new platforms, such as the Battery Energy Storage System (BESS) Platform, to meet the increasing demand for precise energy usage. For instance, in October 2024, Luminous Power Technologies Pvt Ltd, an advanced technology company based in India, launched AmpBox. The AmpBox is the first gel battery capable of providing power for 3 to 6 hours, effectively addressing frequent power outages in India. It features enhanced safety, reduced leakage, and an eco-friendly design, operating efficiently in extreme temperatures ranging from -15C to 50C. This innovation aims to improve energy management in areas with unreliable power supply, making it an essential asset for consumers in search of dependable energy solutions.
Report Scope
Markets Covered:
1) by Technology: Pumped Hydro Storage; Battery Energy Storage; Compressed Air Energy Storage; Flywheel Energy Storage
2) by Application: Stationary; Transportation
3) by End User: Residential; Non-Residential; Utilities
Subsegments:
1) by Pumped Hydro Storage: Conventional Pumped Hydro Storage; Advanced Pumped Hydro Storage
2) by Battery Energy Storage: Lithium-Ion Batteries; Lead-Acid Batteries; Flow Batteries; Sodium-Sulfur Batteries
3) by Compressed Air Energy Storage (CAES): Above Ground CAES; Underground CAES
4) by Flywheel Energy Storage: Mechanical Flywheels; Magnetic Bearings Flywheels
Key Companies Profiled: Schneider Electric SE; SMA Solar Technology AG; Exide Industries Limited; SK energy Co. Ltd.; Enerbrax Acumuladores Ltd.
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2025-2029 |
| Estimated Market Value (USD) in 2025 | $271.73 Billion |
| Forecasted Market Value (USD) by 2029 | $379.29 Billion |
| Compound Annual Growth Rate | 8.7% |
| Regions Covered | Global |
Some of the major companies featured in this Energy Storage Systems market report include:
- 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.
- Showa Denko Materials Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/jyr4l5
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