The Global Energy Storage Market size is valued at nearly USD 221.5 billion in 2023 & is predicted to reach about USD 435.4 billion by 2030

1. MARKET RESEARCH REPORT
MARKNTEL ADVISORS
Global Energy Storage Market
Research Report: Forecast
(2024-2030)

2. Company
Overviews
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4. Market Insights
The Global Energy Storage Market size is valued at nearly
USD 221.5 billion in 2023 & is predicted to reach about USD
435.4 billion by 2030. Along with this, the market is also
estimated to grow at a CAGR of around 9.12% during the
forecast period, i.e., 2024-30. The market's growth is driven
by the increasing support from governments for the
adoption of robust & resilient global energy grids. The
government initiatives in the energy storage sector are on
the rise, underpinned by a surge in policies & regulations.
These measures are designed to facilitate the transition
from fossil fuels to renewable energy sources, a critical
strategy for mitigating climate change & curbing
greenhouse gas emissions.

5. Market Drivers
Global Energy Storage Market Driver:
Growing Adoption of Renewable Energy Storage – The Energy
Storage Market has been significantly propelled by the expanding
adoption of renewable energy sources, notably solar & wind, in
recent years. The intermittent nature of these renewable sources
necessitates the usage of energy storage systems to capture
surplus energy during periods of high generation & release it when
demand peaks, ensuring a more dependable & consistent supply of
renewable energy. The growing prevalence of renewable energy
sources, marked by their intermittency & variability, has resulted in
a supplemented need for energy storage solutions.

6. Market Segments
Energy Storage Market- By Type (Battery [Lithium-ion Batteries,
Lead-acid Batteries, Redox Flow Batteries], Pumped Storage
Hydropower, Compressed Air Energy Storage, Gravity-based
Energy Storage, Liquid Air Energy Storage [LAES], Flywheel Energy
Storage [FES]), By End User (Residential, Commercial, Utilities),
By Region (North America, South America, Europe, The Middle
East & Africa, Asia-Pacific)

7. Top Companies
Contemporary Amperex Technology Ltd, NextEra
Energy, Toshiba Corporation, GS Yuasa Corporation,
Siemens, ABB, LG Chem., Voith GmbH & Co. KGaA,
Hitachi Energy, Mitsubishi Electric Corporation, Tesla,
Samsung SDI, UniEnergy Technologies, LLC, General
Electric, ANDRITZ HYDRO GmbH, Others

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