Energy Storage Market Is Expected To Reach Revenue Of USD 204.8 Bn By 2033, At 14.8% CAGR: Dimension Market Research.

(MENAFN- GlobeNewsWire - Nasdaq) Advancements and Projections in the Global energy Storage Market: Insights, Trends, Opportunities, and Recent Developments

New York, Jan. 27, 2025 (GLOBE NEWSWIRE) -- Overview

The Global Energy Storage market is projected to reach USD 58.9 billion in 2024 which is further anticipated to reach USD 204.8 billion by 2033 at a CAGR of 14.8% .

The global energy storage market is fostered by the growing interest in renewable power technologies like solar and wind, as well as efforts to upgrade power infrastructure. Energy storage systems are critical in more supply and demand operations, contributing to enhanced distribution grid stability and the connection of renewable energy.

The Battery Energy Storage (BSE) market is being led by lithium-ion batteries because of technological improvements in terms of functionality, costs, and adaptability across stationary storage and EV charging frameworks. The market is expected to further expand in the future if the demand for clean and reliable energy solutions increases globally.

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The US Energy Storage Market

The US Energy Storage Market with an estimated value of USD 21.9 billion in 2024 is projected to increase at a compound annual growth rate of 13.9% until reaching USD 70.7 billion by 2033. The market for energy storage in the United States is growing fast given the new deployment of renewable power sources such as solar and wind and upgrades to the power grid system.

The most important of them involves the use of lithium-ion batteries for both grid energy storage and charging infrastructure for electric vehicles. New advancements in energy storage policies including federal tax incentives and incentives at the state level are putting more pressure on the already expanding market.

The trend towards energy resilience due to increasing vulnerability to natural disasters around the world has created a niche market for Battery Energy Storage Systems essential for balancing electricity supply.

Important Insights

• The Global Energy Storage Market is valued at USD 58.9 billion in 2024, reaching USD 204.8 billion by 2033.
• The U.S. Energy Storage Market will grow from USD 21.9 billion in 2024 to USD 70.7 billion by 2033 at 13.9% CAGR.
• Electrochemical storage is projected to lead the type segment, holding 57.1% market share in the global energy storage market by 2024.
• Grid energy storage is anticipated to dominate the application segment, accounting for 36.0% market share in 2024.
• North America is projected to capture the largest regional share, with 44.3% market share in the global energy storage market in 2024.
• Key players in the market include Tesla, LG Chem, Siemens Energy, Panasonic, Samsung SDI, Fluence Energy, and AES Corporation.
• The global energy storage market will experience 14.8% CAGR growth over the forecast period.

Latest Trends

• Growing Renewable Integration: The growth of grid-connected solar and wind power, among other types of renewable energy sources, is propelling demand for energy storage tools to address fluctuating energy supply, increase network reliability, and store energy in reserve for later consumption.
• Advances in Battery Technology: Changes that have occurred over the past years include rapid increases in the energy density of lithium-ion batteries, enhanced safety, and constant decrease in costs are changing the marketplace, facilitating expansion in the large-scale grid and EV infrastructure applications.,

Energy Storage Market: Competitive Landscape

The global energy storage industry is also rather fragmented and several active players invest in research and development of new technologies and products, as well as create strategic and acquiring joint ventures.

The present global market leaders include Tesla, LG Energy Solution, Siemens Energy, and Fluence Energy because of their lithium-ion battery technologies and subordinated large-scale storage processes. Such strategic partnership, between utility firms, energy firms, and battery makers also plays a role in shaping the competitive landscape.

Various governments continue to call for the increased adoption of renewable energy portfolios, increased competition, and entry of new market players that seek to leverage growth opportunities in renewable energy sources throughout the global market.

Some of the prominent market players:

• Tesla, Inc.
• LG Chem
• Samsung SDI
• Siemens Energy
• Panasonic Corporation
• Fluence Energy
• AES Corporation
• NextEra Energy
• BYD Company
• Enphase Energy
• Vestas
• GE Renewable Energy
• Other Key Players

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Energy Storage Market Scope

Report Highlights	Details
Market Size (2024)	USD 58.9 Bn
Forecast Value (2033)	USD 204.8 Bn
CAGR (2024-2033)	14.8%
The US Market Size (2024)	USD 21.9 Bn
Historical Data	2018 - 2023
Forecast Data	2024 - 2033
Base Year	2023
Estimate Year	2024
Segments Covered	By Type, By Application
Regional Coverage	North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)

Market Analysis

Electrochemical storage is anticipated to dominate the type segment of the global energy storage market with 57.1% of the market share in 2024. The type segment of the global energy storage market is headed by electrochemical storage, especially by the battery energy storage systems (BESS) which widely use lithium-ion batteries.

This battery can provide high energy density, short charging duration, and long cycle life and is suitable for grid applications energy storage, EV charging networks, and renewable incorporation.

Besides, rising battery demand, battery prices decline, and improvements in battery technologies, including solid-state batteries also agree with their availability and effectiveness. The flexibility of the batteries in different markets including the usage of back up power as well as microgrids makes batteries cemented in the market.

Energy Storage Market Segmentation

By Type

• Electrochemical Storage or Batteries
  • Lithium-ion Batteries
  • Flow Batteries
  • Lead-acid Batteries
  • Sodium-sulfur Batteries
  • Solid-state Batteries
• Mechanical Storage
  • Pumped-storage Hydroelectricity (PSH)
  • Compressed Air Energy Storage (CAES)
  • Flywheel Energy Storage (FES)
• Thermal Energy Storage (TES)
  • Molten Salt
  • Phase Change Materials (PCM)
  • Sensible Heat Storage
• Other Types

By Application

• Grid Energy Storage
  • Grid Stabilization
  • Load Shifting
  • Frequency Regulation
  • Renewable Integration
• Transportation
  • Electric Vehicles (EVs)
  • Hybrid Vehicles
• Residential
  • Home Energy Storage Systems
  • Backup Power Solutions
• Commercial & Industrial

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Growth Drivers

• Rising Demand for Grid Modernization: The deteriorating nature of grid infrastructure in developed areas such as North America, Europe, and Asia is influencing investments into energy storage systems to improve the reliability and effectiveness of the existing grid networks while also providing the flexibility and storage capacity that can accommodate a higher proportion of renewable energy generation.
• Government Support: Current policies like subsidies, tax relief, and renewable energy requirements that governments around the world implement are influencing the uptake of storage systems and making the global market grow even faster.

Restraints

• High Initial Costs: This is because energy storage system cost has steadily reduced, with the biggest hindrance to its massive deployment being the high initial capital investment necessary to deploy energy storage systems, particularly in the developing world.
• Regulatory Barriers: Lack of harmonization in regulations, interconnection, and market structures across diverse regions contributes to the decline of energy storage project deployment rate, which is a threat to the global market...

Growth Opportunities

• Electric Vehicle (EV) Expansion: The increase in electric vehicles makes the battery energy storage system applicable in supporting charging stations of EVs, particularly in areas with high demand and unpredictable power supply.
• Emerging Markets in Asia-Pacific: Increasing numbers of renewable power projects, particularly in the Asia-Pacific region, including China and India, due to rapid urbanization, provide significant opportunities for the energy storage market to regulate the grid and support sustainable development.

Regional Analysis

North America is projected to dominate the global energy storage market in 2024 with 44.3% of the market share. North America is expected to occupy the largest share of the global energy storage market, because of its enhanced electricity grid systems, inclined use of renewable power, and growing expenditures on energy storage technologies.

The U.S. takes the lead in BESS deployment facilitated by federal and state incentives for clean energy and microgrid development. The region has also good government backing and correct policies like tax incentives for energy storage systems.

North America remains the leading market due to increased electricity infrastructure standards and vulnerability to natural calamities demanding robust energy solutions.

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By Region

North America

• The U.S.
• Canada

Europe

• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA

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Recent Developments in the Energy Storage Market

• October 2024: Tesla expanded its battery energy storage project in Texas, adding 300 MWh of capacity to enhance local grid stability.
• September 2024: LG Chem partnered with Fluence Energy to co-develop advanced lithium-ion battery storage solutions for large-scale grid applications across Europe.
• August 2024: Siemens Energy introduced its latest thermal energy storage system, aimed at increasing energy efficiency in industrial sectors.
• July 2024: NextEra Energy completed a 500 MWh battery storage facility in California, the largest in the U.S., supporting the state's renewable energy initiatives.
• June 2024: Panasonic launched its next-generation solid-state battery, offering higher energy density and faster charging for grid and EV applications.
• May 2024: Samsung SDI partnered with General Electric to develop modular energy storage systems for renewable energy integration across North America.

About Dimension Market Research (DMR):

Dimension Market Research (DMR) is a market research and consulting firm based in India & US, with its headquarters located in the USA (New York). The company believes in providing the best and most valuable data to its customers using the best resources analysts work, to create unmatchable insights into the industries, and markets while offering in-depth results of over 30 industries, and all major regions across the world.

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