The global Energy Storage Technologies (EST) market is projected to grow at a CAGR of 5.6% by 2034
The Energy Storage Technologies Market Report 2024-2034: This report will prove invaluable to leading firms striving for new revenue pockets if they wish to better understand the industry and its underlying dynamics. It will be useful for companies that would like to expand into different industries or to expand their existing operations in a new region.
The Expanding Applications in Electric Vehicles, Combined with Innovations in Long-Duration Storage Technologies, Open New Avenues for Growth
The energy storage technologies market is propelled by a confluence of factors. The growing demand for reliable and stable power supply, coupled with the increasing deployment of renewable energy sources, is a primary driver. Governments worldwide are implementing supportive policies and incentives, fostering the adoption of energy storage technologies. Additionally, advancements in battery technology, declining costs, and a rising awareness of environmental sustainability contribute to the market's positive trajectory.
The market presents promising opportunities, particularly in the integration of energy storage with smart grids and microgrids. The expanding applications in electric vehicles, combined with innovations in long-duration storage technologies, open new avenues for growth. Moreover, the exploration of innovative business models and the development of grid-scale projects offer lucrative opportunities for industry stakeholders. Collaborations between utilities, technology providers, and research institutions are poised to unlock further potential.
Despite the promising outlook, the energy storage market faces challenges. Technological limitations, such as the energy density of batteries and the environmental impact of certain technologies, pose hurdles to widespread adoption. Regulatory complexities, uncertain economic conditions, and the need for substantial upfront investments also present challenges. Addressing these obstacles requires collaborative efforts across the industry to develop sustainable and cost-effective solutions.
What Questions Should You Ask before Buying a Market Research Report?
How is the energy storage technologies market evolving?
What is driving and restraining the energy storage technologies market?
How will each energy storage technologies submarket segment grow over the forecast period and how much revenue will these submarkets account for in 2034?
How will the market shares for each energy storage technologies submarket develop from 2024 to 2034?
What will be the main driver for the overall market from 2024 to 2034?
Will leading energy storage technologies markets broadly follow the macroeconomic dynamics, or will individual national markets outperform others?
How will the market shares of the national markets change by 2034 and which geographical region will lead the market in 2034?
Who are the leading players and what are their prospects over the forecast period?
What are the energy storage technologies projects for these leading companies?
How will the industry evolve during the period between 2024 and 2034? What are the implications of energy storage technologies projects taking place now and over the next 10 years?
Is there a greater need for product commercialisation to further scale the energy storage technologies market?
Where is the energy storage technologies market heading and how can you ensure you are at the forefront of the market?
What are the best investment options for new product and service lines?
What are the key prospects for moving companies into a new growth path and C-suite?
You need to discover how this will impact the energy storage technologies market today, and over the next 10 years:
Our 395-page report provides 118 tables and 194 charts/graphs exclusively to you.
The report highlights key lucrative areas in the industry so you can target them - NOW.
It contains in-depth analysis of global, regional and national sales and growth.
It highlights for you the key successful trends, changes and revenue projections made by your competitors.
This report tells you TODAY how the energy storage technologies market will develop in the next 10 years, and in line with the variations in COVID-19 economic recession and bounce. This market is more critical now than at any point over the last 10 years.
Forecasts to 2034 and other analyses reveal commercial prospects
In addition to revenue forecasting to 2034, our new study provides you with recent results, growth rates, and market shares.
You will find original analyses, with business outlooks and developments.
Discover qualitative analyses (including market dynamics, drivers, opportunities, restraints and challenges), cost structure, impact of rising energy storage technologies prices and recent developments.
This report includes data analysis and invaluable insight into how COVID-19 will affect the industry and your company. Four COVID-19 recovery patterns and their impact, namely, "V", "L", "W" and "U" are discussed in this report.
Segments Covered in the Report
Market Segment by Integration Type
On-Grid
Off-Grid
Market Segment by Duration
Short Duration Storage
Medium Duration Storage
Long Duration Storage
Market Segment by Application
Ancillary Services
Peaking Capacity
Energy Shifting
Transmission & Distribution Level
Market Segment by End-Use
Residential
Commercial
Industrial
Utility (grid-scale)
Other End-Use
Market Segment by Technology Type
Battery Energy Storage Systems (BESS)
Pumped Hydro Storage (PHS)
Thermal Energy Storage (TES)
Flywheel Energy Storage
Compressed-Air Energy Storage (CAES)
Other Technology
In addition to the revenue predictions for the overall world market and segments, you will also find revenue forecasts for four regional and 20 leading national markets:
North America
U.S.
Canada
Europe
Germany
Spain
United Kingdom
France
Italy
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
The report also includes profiles and for some of the leading companies in the Energy Storage Technologies Market, 2024 to 2034, with a focus on this segment of these companies' operations.
Leading companies profiled in the report
ABB Ltd.
Beacon Power, LLC
BYD Co. Ltd
Convergent Energy and Power Inc.
Eos Energy Enterprises Inc
Exide Industries Limited
Greensmith Energy Management Systems
LG Chem
S&C Electric Company
Schneider Electric SE
Seeo, Inc.
SMA Solar Technology AG
Overall world revenue for Energy Storage Technologies Market, 2024 to 2034 in terms of value the market will surpass US$48.2 billion in 2024, our work calculates. We predict strong revenue growth through to 2034. Our work identifies which organizations hold the greatest potential. Discover their capabilities, progress, and commercial prospects, helping you stay ahead.
How will the Energy Storage Technologies Market, 2024 to 2034 report help you?
In summary, our 390+ page report provides you with the following knowledge:
Revenue forecasts to 2034 for Energy Storage Technologies Market, 2024 to 2034 Market, with forecasts for integration type, duration, application, end-use, and technology type, each forecast at a global and regional level - discover the industry's prospects, finding the most lucrative places for investments and revenues.
Revenue forecasts to 2034 for four regional and 20 key national markets - See forecasts for the Energy Storage Technologies Market, 2024 to 2034 market in North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. Also forecasted is the market in the US, Canada, Brazil, Germany, France, UK, Italy, China, India, Japan, and Australia among other prominent economies.
Prospects for established firms and those seeking to enter the market - including company profiles for 12 of the major companies involved in the Energy Storage Technologies Market, 2024 to 2034.
Find quantitative and qualitative analyses with independent predictions. Receive information that only our report contains, staying informed with invaluable business intelligence.
Information found nowhere else
With our new report, you are less likely to fall behind in knowledge or miss out on opportunities. See how our work could benefit your research, analyses, and decisions. Visiongain's study is for everybody needing commercial analyses for the Energy Storage Technologies Market, 2024 to 2034, market-leading companies. You will find data, trends and predictions.
Table of Contents
1 Report Overview
- 1.1 Objectives of the Study
- 1.2 Introduction to Energy Storage Technologies Market
- 1.3 What This Report Delivers
- 1.4 Why You Should Read This Report
- 1.5 Key Questions Answered by This Analytical Report
- 1.6 Who Is This Report for?
- 1.7 Research Methodology
- 1.7.1 Market Definitions
- 1.7.2 Market Evaluation & Forecasting Methodology
- 1.7.3 Data Validation
- 1.7.3.1 Primary Research
- 1.7.3.2 Secondary Research
- 1.8 Frequently Asked Questions (FAQs)
- 1.9 Associated Visiongain Reports
- 1.10 About Visiongain
2 Executive Summary
3 Market Overview
- 3.1 Key Findings
- 3.2 Market Dynamics
- 3.2.1 Market Driving Factors
- 3.2.1.1 Expanding Energy Demand and Rising Renewable Share: Catalysts for Energy Storage Market Growth
- 3.2.1.2 The Rising Global Demand for Energy, Driven by Population Growth and Industrialization
- 3.2.1.3 Ongoing Research and Development Driving Advances in Energy Storage Technologies
- 3.2.2 Market Restraining Factors
- 3.2.2.1 Risk Associated with Battery Energy Storage System Hinders Market Growth
- 3.2.2.2 High Cost of Installing Energy Storage Technologies Hinder the Market Growth
- 3.2.2.3 Meeting the Diverse needs of Long-Duration Energy Storage Remains a Challenge
- 3.2.3 Market Opportunities
- 3.2.3.1 Exploiting Urbanization Trends Leveraging Microgrid Networks for Localized Energy Storage Solutions
- 3.2.3.2 Government Initiatives Substances for Advanced Energy Storage Solutions
- 3.2.3.3 Seizing Opportunities for Growing Investments in Sustainable Energy Resources
- 3.3 Porter's Five Forces Analysis
- 3.3.1 Bargaining Power of Suppliers (Low)
- 3.3.2 Bargaining Power of Buyers (Moderate to High)
- 3.3.3 Competitive Rivalry (High)
- 3.3.4 Threat from Substitutes (Low)
- 3.3.5 Threat of New Entrants (Moderate)
- 3.4 COVID-19 Impact Analysis
- 3.4.1 "V-Shaped Recovery"
- 3.4.2 "U-Shaped Recovery"
- 3.4.3 "W-Shaped Recovery"
- 3.4.4 "L-Shaped Recovery"
- 3.5 PEST Analysis
4 Energy Storage Technologies Market Analysis by Integration Type
- 4.1 Key Findings
- 4.2 Integration Type Segment: Market Attractiveness Index
- 4.3 Energy Storage Technologies Market Size Estimation and Forecast by Integration Type
- 4.4 On-Grid
- 4.4.1 Market Size by Region, 2024-2034 (US$ Billion)
- 4.4.2 Market Share by Region, 2024 & 2034 (%)
- 4.5 Off-Grid
- 4.5.1 Market Size by Region, 2024-2034 (US$ Billion)
- 4.5.2 Market Share by Region, 2024 & 2034 (%)
5 Energy Storage Technologies Market Analysis by Storage Duration
- 5.1 Key Findings
- 5.2 Storage Duration Segment: Market Attractiveness Index
- 5.3 Energy Storage Technologies Market Size Estimation and Forecast by Storage Duration
- 5.4 Short Duration Storage
- 5.4.1 Market Size by Region, 2024-2034 (US$ Billion)
- 5.4.2 Market Share by Region, 2024 & 2034 (%)
- 5.5 Medium Duration Storage
- 5.5.1 Market Size by Region, 2024-2034 (US$ Billion)
- 5.5.2 Market Share by Region, 2024 & 2034 (%)
- 5.6 Long Duration Storage
- 5.6.1 Market Size by Region, 2024-2034 (US$ Billion)
- 5.6.2 Market Share by Region, 2024 & 2034 (%)
6 Energy Storage Technologies Market Analysis by Application
- 6.1 Key Findings
- 6.2 Application Segment: Market Attractiveness Index
- 6.3 Energy Storage Technologies Market Size Estimation and Forecast by Application
- 6.4 Ancillary Services
- 6.4.1 Market Size by Region, 2024-2034 (US$ Billion)
- 6.4.2 Market Share by Region, 2024 & 2034 (%)
- 6.5 Peaking Capacity
- 6.5.1 Market Size by Region, 2024-2034 (US$ Billion)
- 6.5.2 Market Share by Region, 2024 & 2034 (%)
- 6.6 Energy Shifting
- 6.6.1 Market Size by Region, 2024-2034 (US$ Billion)
- 6.6.2 Market Share by Region, 2024 & 2034 (%)
- 6.7 Transmission & Distribution Level
- 6.7.1 Market Size by Region, 2024-2034 (US$ Billion)
- 6.7.2 Market Share by Region, 2024 & 2034 (%)
7 Energy Storage Technologies Market Analysis by End-Use
- 7.1 Key Findings
- 7.2 End-Use Segment: Market Attractiveness Index
- 7.3 Energy Storage Technologies Market Size Estimation and Forecast by End-Use
- 7.4 Residential
- 7.4.1 Market Size by Region, 2024-2034 (US$ Billion)
- 7.4.2 Market Share by Region, 2024 & 2034 (%)
- 7.5 Commercial
- 7.5.1 Market Size by Region, 2024-2034 (US$ Billion)
- 7.5.2 Market Share by Region, 2024 & 2034 (%)
- 7.6 Industrial
- 7.6.1 Market Size by Region, 2024-2034 (US$ Billion)
- 7.6.2 Market Share by Region, 2024 & 2034 (%)
- 7.7 Utility (grid-scale)
- 7.7.1 Market Size by Region, 2024-2034 (US$ Billion)
- 7.7.2 Market Share by Region, 2024 & 2034 (%)
- 7.8 Other End-Use
- 7.8.1 Market Size by Region, 2024-2034 (US$ Billion)
- 7.8.2 Market Share by Region, 2024 & 2034 (%)
8 Energy Storage Technologies Market Analysis by Technology Type
- 8.1 Key Findings
- 8.2 Technology Type Segment: Market Attractiveness Index
- 8.3 Energy Storage Technologies Market Size Estimation and Forecast by Technology Type
- 8.4 Battery Energy Storage Systems (BESS)
- 8.4.1 Market Size by Region, 2024-2034 (US$ Million)
- 8.4.2 Market Share by Region, 2024 & 2034 (%)
- 8.5 Pumped Hydro Storage (PHS)
- 8.5.1 Market Size by Region, 2024-2034 (US$ Million)
- 8.5.2 Market Share by Region, 2024 & 2034 (%)
- 8.6 Thermal Energy Storage (TES)
- 8.6.1 Market Size by Region, 2024-2034 (US$ Million)
- 8.6.2 Market Share by Region, 2024 & 2034 (%)
- 8.7 Flywheel Energy Storage
- 8.7.1 Market Size by Region, 2024-2034 (US$ Million)
- 8.7.2 Market Share by Region, 2024 & 2034 (%)
- 8.8 Compressed-Air Energy Storage (CAES)
- 8.8.1 Market Size by Region, 2024-2034 (US$ Million)
- 8.8.2 Market Share by Region, 2024 & 2034 (%)
- 8.9 Other Technology
- 8.9.1 Market Size by Region, 2024-2034 (US$ Million)
- 8.9.2 Market Share by Region, 2024 & 2034 (%)
9 Energy Storage Technologies Market Analysis by Region
- 9.1 Key Findings
- 9.2 Regional Market Size Estimation and Forecast
10 North America Energy Storage Technologies Market Analysis
- 10.1 Key Findings
- 10.2 North America Energy Storage Technologies Market Attractiveness Index
- 10.3 North America Energy Storage Technologies Market by Country, 2024, 2029 & 2034 (US$ Billion)
- 10.4 North America Energy Storage Technologies Market Size Estimation and Forecast
- 10.5 North America Energy Storage Technologies Market Size Estimation and Forecast by Country
- 10.6 North America Energy Storage Technologies Market Size Estimation and Forecast by Integration Type
- 10.7 North America Energy Storage Technologies Market Size Estimation and Forecast by Storage Duration
- 10.8 North America Energy Storage Technologies Market Size Estimation and Forecast by Application
- 10.9 North America Energy Storage Technologies Market Size Estimation and Forecast by End-Use
- 10.10 North America Energy Storage Technologies Market Size Estimation and Forecast by Technology Type
- 10.11 U.S. Energy Storage Technologies Market Analysis
- 10.12 Canada Energy Storage Technologies Market Analysis
11 Europe Energy Storage Technologies Market Analysis
- 11.1 Key Findings
- 11.2 Europe Energy Storage Technologies Market Attractiveness Index
- 11.3 Europe Energy Storage Technologies Market by Country, 2024, 2029 & 2034 (US$ Billion)
- 11.4 Europe Energy Storage Technologies Market Size Estimation and Forecast
- 11.5 Europe Energy Storage Technologies Market Size Estimation and Forecast by Country
- 11.6 Europe Energy Storage Technologies Market Size Estimation and Forecast by Integration Type
- 11.7 Europe Energy Storage Technologies Market Size Estimation and Forecast by Storage Duration
- 11.8 Europe Energy Storage Technologies Market Size Estimation and Forecast by Application
- 11.9 Europe Energy Storage Technologies Market Size Estimation and Forecast by End-Use
- 11.10 Europe Energy Storage Technologies Market Size Estimation and Forecast by Technology Type
- 11.11 Germany Energy Storage Technologies Market Analysis
- 11.12 UK Energy Storage Technologies Market Analysis
- 11.13 France Energy Storage Technologies Market Analysis
- 11.14 Italy Energy Storage Technologies Market Analysis
- 11.15 Spain Energy Storage Technologies Market Analysis
- 11.16 Rest of Europe Energy Storage Technologies Market Analysis
12 Asia-Pacific Energy Storage Technologies Market Analysis
- 12.1 Key Findings
- 12.2 Asia-Pacific Energy Storage Technologies Market Attractiveness Index
- 12.3 Asia-Pacific Energy Storage Technologies Market by Country, 2024, 2029 & 2034 (US$ Billion)
- 12.4 Asia-Pacific Energy Storage Technologies Market Size Estimation and Forecast
- 12.5 Asia-Pacific Energy Storage Technologies Market Size Estimation and Forecast by Country
- 12.6 Asia-Pacific Energy Storage Technologies Market Size Estimation and Forecast by Integration Type
- 12.7 Asia-Pacific Energy Storage Technologies Market Size Estimation and Forecast by Storage Duration
- 12.8 Asia-Pacific Energy Storage Technologies Market Size Estimation and Forecast by Application
- 12.9 Asia-Pacific Energy Storage Technologies Market Size Estimation and Forecast by End-Use
- 12.10 Asia-Pacific Energy Storage Technologies Market Size Estimation and Forecast by Technology Type
- 12.11 China Energy Storage Technologies Market Analysis
- 12.12 India Energy Storage Technologies Market Analysis
- 12.13 Japan Energy Storage Technologies Market Analysis
- 12.14 South Korea Energy Storage Technologies Market Analysis
- 12.15 Australia Energy Storage Technologies Market Analysis
- 12.16 Rest of Asia-Pacific Energy Storage Technologies Market Analysis
13 Middle East and Africa Energy Storage Technologies Market Analysis
- 13.1 Key Findings
- 13.2 Middle East and Africa Energy Storage Technologies Market Attractiveness Index
- 13.3 Middle East and Africa Energy Storage Technologies Market by Country, 2024, 2029 & 2034 (US$ Billion)
- 13.4 Middle East and Africa Energy Storage Technologies Market Size Estimation and Forecast
- 13.5 Middle East and Africa Energy Storage Technologies Market Size Estimation and Forecast by Country
- 13.6 Middle East and Africa Energy Storage Technologies Market Size Estimation and Forecast by Integration Type
- 13.7 Middle East and Africa Energy Storage Technologies Market Size Estimation and Forecast by Storage Duration
- 13.8 Middle East and Africa Energy Storage Technologies Market Size Estimation and Forecast by Application
- 13.9 Middle East and Africa Energy Storage Technologies Market Size Estimation and Forecast by End-Use
- 13.10 Middle East and Africa Energy Storage Technologies Market Size Estimation and Forecast by Technology Type
- 13.11 GCC Energy Storage Technologies Market Analysis
- 13.12 South Africa Energy Storage Technologies Market Analysis
- 13.13 Rest of Middle East & Africa Energy Storage Technologies Market Analysis
14 Latin America Energy Storage Technologies Market Analysis
- 14.1 Key Findings
- 14.2 Latin America Energy Storage Technologies Market Attractiveness Index
- 14.3 Latin America Energy Storage Technologies Market by Country, 2024, 2029 & 2034 (US$ Billion)
- 14.4 Latin America Energy Storage Technologies Market Size Estimation and Forecast
- 14.5 Latin America Energy Storage Technologies Market Size Estimation and Forecast by Country
- 14.6 Latin America Energy Storage Technologies Market Size Estimation and Forecast by Integration Type
- 14.7 Latin America Energy Storage Technologies Market Size Estimation and Forecast by Storage Duration
- 14.8 Latin America Energy Storage Technologies Market Size Estimation and Forecast by Application
- 14.9 Latin America Energy Storage Technologies Market Size Estimation and Forecast by End-Use
- 14.10 Latin America Energy Storage Technologies Market Size Estimation and Forecast by Technology Type
- 14.11 Brazil Energy Storage Technologies Market Analysis
- 14.12 Mexico Energy Storage Technologies Market Analysis
- 14.13 Rest of Latin America Energy Storage Technologies Market Analysis
15 Company Profiles
- 15.1 Competitive Landscape, 2023
- 15.2 Strategic Outlook
- 15.3 LG Chem
- 15.3.1 Company Snapshot
- 15.3.2 Company Overview
- 15.3.3 Financial Analysis
- 15.3.3.1 Net Revenue, 2018-2022
- 15.3.3.2 R&D, 2018-2022
- 15.3.3.3 Regional Revenue Share, 2022 (%)
- 15.3.3.4 Business Segment Revenue Share, 2022 (%)
- 15.3.4 Product Benchmarking
- 15.3.5 Strategic Outlook
- 15.4 BYD Co. Ltd
- 15.4.1 Company Snapshot
- 15.4.2 Company Overview
- 15.4.3 Financial Analysis
- 15.4.3.1 Net Revenue, 2017-2021
- 15.4.3.2 R&D, 2018-2022
- 15.4.3.3 Regional Revenue Share, 2021 (%)
- 15.4.3.4 Business Segment Revenue Share, 2021 (%)
- 15.4.4 Product Benchmarking
- 15.4.5 Strategic Outlook
- 15.5 ABB Ltd.
- 15.5.1 Company Snapshot
- 15.5.2 Company Overview
- 15.5.3 Financial Analysis
- 15.5.3.1 Net Revenue, 2018-2022
- 15.5.3.2 R&D, 2018-2022
- 15.5.3.3 Business Segment Revenue Share, 2022 (%)
- 15.5.4 Product Benchmarking
- 15.5.5 Strategic Outlook
- 15.6 Schneider Electric SE
- 15.6.1 Company Snapshot
- 15.6.2 Company Overview
- 15.6.3 Financial Analysis
- 15.6.3.1 Net Revenue, 2018-2022
- 15.6.3.2 R&D, 2018-2022
- 15.6.3.3 Regional Revenue Share, 2022 (%)
- 15.6.3.4 Business Segment Revenue Share, 2022 (%)
- 15.6.4 Product Benchmarking
- 15.6.5 Strategic Outlook
- 15.7 Convergent Energy and Power Inc.
- 15.7.1 Company Snapshot
- 15.7.2 Company Overview
- 15.7.3 Product Benchmarking
- 15.7.4 Strategic Outlook
- 15.8 Eos Energy Enterprises Inc
- 15.8.1 Company Snapshot
- 15.8.2 Company Overview
- 15.8.3 Financial Analysis
- 15.8.3.1 Net Revenue, 2018-2022
- 15.8.3.2 R&D, 2018-2022
- 15.8.4 Product Benchmarking
- 15.8.5 Strategic Outlook
- 15.9 Beacon Power, LLC
- 15.9.1 Company Snapshot
- 15.9.2 Company Overview
- 15.9.3 Product Benchmarking
- 15.10 Greensmith Energy Management Systems
- 15.10.1 Company Snapshot
- 15.10.2 Company Overview
- 15.10.3 Product Benchmarking
- 15.11 Seeo, Inc.
- 15.11.1 Company Snapshot
- 15.11.2 Company Overview
- 15.11.3 Product Benchmarking
- 15.12 S&C Electric Company
- 15.12.1 Company Snapshot
- 15.12.2 Company Overview
- 15.12.3 Product Benchmarking
- 15.12.4 Strategic Outlook
- 15.13 SMA Solar Technology AG
- 15.13.1 Company Snapshot
- 15.13.2 Company Overview
- 15.13.3 Financial Analysis
- 15.13.3.1 Net Revenue, 2018-2022
- 15.13.3.2 R&D, 2018-2022
- 15.13.3.3 Regional Revenue Share, 2022 (%)
- 15.13.3.4 Business Segment Revenue Share, 2022 (%)
- 15.13.4 Product Benchmarking
- 15.14 Exide Industries Limited
- 15.14.1 Company Snapshot
- 15.14.2 Company Overview
- 15.14.3 Financial Analysis
- 15.14.3.1 Net Revenue, 2018-2022
- 15.14.3.2 R&D, 2018-2022
- 15.14.3.3 Regional Revenue Share, 2022 (%)
- 15.14.4 Product Benchmarking
16 Conclusion and Recommendations
- 16.1 Concluding Remarks from Visiongain
- 16.2 Recommendations for Market Players
