ENERGY STORAGE SYSTEM MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
The global energy storage system market is estimated to be valued at USD 49.34 Bn in 2024 and is expected to reach USD 79.87 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.1% from 2024 to 2031. The global energy storage system market has witnessed tremendous growth in recent years and is poised to expand significantly over the coming decade. Growing deployment of renewable energy sources coupled with policy support for energy storage is driving investment and innovation in grid-scale and behind-the-meter storage technologies. Lithium-ion battery prices have dropped substantially making grid-connected energy storage economically viable. Moreover, the increasing integration of renewable energy is boosting the demand for energy storage to balance supply and demand more efficiently. Both utility providers and commercial & industrial establishment are actively evaluating energy storage as an effective means to optimize energy consumption and reduce costs. Looking forward, as renewable penetration increases worldwide, energy storage will emerge as a crucial technology supporting transition to low-carbon economies.
Market Dynamics:
The global energy storage system market is primarily driven by supportive government policies and initiatives aimed at promoting the deployment of renewable energy sources. Several countries have introduced production-linked incentive programs, investment subsidies, tax rebates, and net metering policies to incentivize energy storage adoption. Declining battery prices due to ongoing technical advancements and economies of scale is another key growth driver as it is making behind-the-meter and utility-scale storage financially more attractive. However, high initial installation costs remain a key challenge to widespread commercialization. Also, reliability and performance issues exert downward pressure on demand. Nevertheless, opportunities lie in shifting towards non-lithium battery technologies, integration of artificial intelligence and the need for energy storage in developing economies witnessing rapid urbanization.
Key Features of the Study:
- This report provides in-depth analysis of the global energy storage system market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global energy storage system market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include Tesla, Inc., LG Chem Ltd., Samsung SDI Co., Ltd., Panasonic Corporation, BYD Company Limited, Siemens AG, ABB Ltd., Schneider Electric SE, Fluence Energy, Inc., Eos Energy Enterprises, Inc., Enphase Energy, Inc., AES Corporation, Saft Groupe S.A., Varta AG, and Kokam Co., Ltd.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global energy storage system market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global energy storage system market
Market Segmentation
Table of Contents
*Browse 32 market data tables and 28 figures on 'Energy Storage System Market' - Global forecast to 2031
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