Market Overview

The Global Energy Storage Market was valued at USD 47,684.3 million in 2023 and is expected to reach USD 139,011.0 million by 2031 while growing at a CAGR of 14.3% during the forecast period (2024-2031).

*Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report

Market Dynamics

This section of the report will analyze various driving and restraining factors that are expected to have a significant impact on the global energy storage market growth. Energy storage, vital in modern energy systems, captures and stores energy for later use. Diverse technologies store energy in various forms like electricity, mechanical, thermal, and chemical energy, boosting the reliability, flexibility, and efficiency of energy systems.

Increasing adoption of renewable energy sources like solar and wind power, coupled with the demand for grid stability and reliability, drives the growth of the energy storage market. However, challenges such as high initial capital costs and a lack of standardization may impede market expansion.

Furthermore, the global energy storage industry will be analyzed through various tools including PESTLE analysis, and Porter’s analysis.

Segmentation – By Type Analysis

The Global Energy Storage Market is segmented among Batteries, Pumped-storage Hydroelectricity (PSH), Thermal Energy Storage (TES), Flywheel Energy Storage (FES), and Other Types, based on Type. In 2023, Pumped-storage Hydroelectricity (PSH) accounted for the majority of the market share*.

*Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report

Segmentation – By Application Analysis

The Global Energy Storage Market is segmented among Residential, and Commercial and Industrial, based on Application. In 2023, Commercial and Industrial accounted for the majority of the market share*.

*Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report

Global Energy Storage Market: Regional Analysis

Based on region, the market is divided into six regions including North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. In 2023, Asia Pacific dominated the market with the highest market share, while Latin America is expected to grow with the highest CAGR during the forecast period (2024 – 2031).

*Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report

Competitive Landscape

Some of the key players operating in the market are GS Yuasa Corporation, Contemporary Amperex Technology Co. Limited, UniEnergy Technologies, LLC, BYD Co. Ltd, Clarios (Formerly Johnson Controls International PLC), LG Energy Solution Ltd., NGK Insulators Ltd., Samsung SDI Co. Ltd., and Tesla Inc.

Table of Contents:

1. Research Methodology and Market Scope

• Research Methodology

• Market Scope

2. Executive Summary

3. Global Energy Storage Market Dynamics

• Drivers

• Restraints

• Opportunity

4. Global Energy Storage Industry Analysis

PEST Analysis

Porter's Five Force Analysis

Recent Deals Analysis

5. Global Energy Storage Market Segmentation, By Type  

• Global Energy Storage Market Share Analysis, By Type  

• Global Energy Storage Market Growth Analysis, By Type  

• Global Energy Storage Market Trends, By Type  

o Batteries

o Pumped-storage Hydroelectricity (PSH)

o Thermal Energy Storage (TES)

o Flywheel Energy Storage (FES)

o Other Types

6. Global Energy Storage Market Segmentation, By Application 

• Global Energy Storage Market Share Analysis, By Application 

• Global Energy Storage Market Growth Analysis, By Application 

• Global Energy Storage Market Trends, By Application

o Residential

o Commercial and Industrial

7. Global Energy Storage Market Segmentation, By Region

• Global Energy Storage Market Share Analysis, By Region

• Global Energy Storage Market Growth Analysis, By Region

• Global Energy Storage Market Trends, By Region

o North America

o Europe

o Asia Pacific

o Latin America

o Middle East

o Africa

8. Competitive Landscape

• GS Yuasa Corporation*

o Company Overview

o Financial Performance

o Key Development/Strategies

o SWOT Analysis

• Contemporary Amperex Technology Co. Limited

• UniEnergy Technologies, LLC

• BYD Co. Ltd

• Clarios (Formerly Johnson Controls International PLC)

• LG Energy Solution Ltd.

• NGK Insulators Ltd.

• Samsung SDI Co. Ltd.

• Tesla Inc.

 *Similar analysis will be provided for each company listed above.