- Solid State Battery
- Flow Battery
- Thermal Energy Storage
- Pumped Hydro Storage
Advanced Energy Storage Market size was valued at USD 21.4 billion in 2022 and is poised to grow at a significant CAGR of 8.9% from 2023–2029. Advanced energy storage is a growing technology sector of 21st-century electricity grids. Energy storage systems are used to manage our power supply in order to create a more resilient energy infrastructure at a low cost. Energy storage systems can be segmented into batteries, thermal, mechanical storage, pumped hydropower, and others. The increasing global energy consumption is driving the global advanced energy storage market. Moreover, the availability of electricity in urban to local areas, and the initiative of government and international agencies are the major reasons for the fast adoption rate of the advanced energy storage system worldwide. According to a report, the percentage of people with access to electricity has been steadily increasing over the last few decades. Moreover, increasing renewable chemical energy investments, revising energy policies in developed countries, government policies, and support for the renewable energy sector are expected to boost the global advanced energy storage market. According to a report, renewable energy held a market share of 29% in global electricity generation in 2020, up from 27% in 2019, and bioenergy use in the industry grew by 3%. However, high capital investment and high cost of technology can be major restraints in the global advanced energy storage market. Although, new innovative technologies and advanced grid expansion in emerging countries are the major opportunities. Based on geography, North America is dominating the global market for this transformative technology and is expected to maintain its growth at a faster rate.
Advanced Energy Storage Market Recent Market Developments:
- In May 2021, Hitachi ABB Power Grids announced it to provide battery storage tech to Thailand.
- In April 2021, Swiss-Swedish multinational corporation ABB secured a contract from rail vehicle manufacturer Stadler to deliver energy storage systems.
- In May 2022, LG Energy Solution announced new battery storage solutions and moved to lithium iron phosphate (LFP)
- In Mar 2022, Tesla deployed a new energy storage system in Alaska that's less dependent on fossil fuels.
Advanced Energy Storage Market Summary
Study Period
2024-2030
Base Year
2023
CAGR
8.9%
Largest Market
North America
Fastest Growing Market
Asia pacific
Advanced Energy Storage Market Dynamics
Renewable energy sources are growing at a faster rate than global energy consumption. According to IEA’s Stated Policies Scenario, the share of total final consumption of modern renewables is expected to reach 18% by 2030. This is due to government initiatives and support, revising energy policies. Wind and solar power generation are increasing exponentially in households as well as in industry. Hence, increasing usage of renewable energy will create demand for advanced energy storage technology and system. Hence, it will boost the global market at a significant CAGR in the forecasted years.
Asia-Pacific
Advanced Energy Storage Market Regional Analysis
On the basis of regions, the market share is divided into North America, Asia-pacific, Europe, and the Middle East, and the African region. The advanced energy storage market in the Asia Pacific is likely to hold a significant revenue share in 2021, and, in the following years, it is predicted to increase rapidly. Asia Specific regions registered the highest growth due to the presence of a huge consumer base, the rapid development of the renewable energy sector, and the global key players in the region. North America held a significant market share and is expected to hold its position in the upcoming years.
Latin America
Europe
Asia Pacific
Middle East
North America
Key Features of the Reports
- The report provides granular level information about the market size, regional market share, historic market (2019-2023), and forecast (2024-2030)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments, and start-up details that are actively working in the market
- The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
Advanced Energy Storage Market Segmentation
By Technology
By Application
- Transportation
- Grid Storage
- Others
By End Users
- Residential
- Commercial
- Industrial
- Utility
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
Frequently Asked Questions
The advanced energy storage market size was valued at USD 21.4 billion in 2022
ABB Ltd, LG Chem Ltd., Samsung SDI Co, General Electric Company, Tesla, Inc., AES Corporation, Mitsubishi Heavy Industry, Evapco, Panasonic, Hitachi Chem
The advanced energy storage market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.
| 1. Executive Summary |
| 2. Global Advanced Energy Storage Market Introduction |
| 2.1. Global Advanced Energy Storage Market – Taxonomy |
| 2.2. Global Advanced Energy Storage Market –Definitions |
| 2.2.1. By Technology |
| 2.2.2. By Application |
| 2.2.3. By End User |
| 2.2.4. By Region |
| 3. Global Advanced Energy Storage Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Global Advanced Energy Storage Market Dynamic Factors - Impact Analysis |
| 3.6. Global Advanced Energy Storage Market – Competition Landscape |
| 3.7. Epidemiology |
| 4. Global Advanced Energy Storage Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 |
| 4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5. Global Advanced Energy Storage Market, By Technology, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 5.1. Solid State Battery |
| 5.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Flow Battery |
| 5.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Thermal Energy Storage |
| 5.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 5.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 5.4. Pumped Hydro Storage |
| 5.4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 5.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.4.3. Market Opportunity Analysis |
| 5.5. Others |
| 5.5.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 5.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.5.3. Market Opportunity Analysis |
| 6. Global Advanced Energy Storage Market, By Application, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 6.1. Transportation |
| 6.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Grid Storage |
| 6.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 7. Global Advanced Energy Storage Market, By End User, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 7.1. Residential |
| 7.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Commercial |
| 7.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Industrial |
| 7.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Utility |
| 7.4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 7.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 8. Global Advanced Energy Storage Market Forecast, By Region, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 8.1. North America |
| 8.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 8.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.1.3. Market Opportunity Analysis |
| 8.2. Europe |
| 8.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 8.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.2.3. Market Opportunity Analysis |
| 8.3. Asia-Pacific |
| 8.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.3.3. Market Opportunity Analysis |
| 8.4. Latin America |
| 8.4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 8.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.4.3. Market Opportunity Analysis |
| 8.5. Middle East and Africa |
| 8.5.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 8.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.5.3. Market Opportunity Analysis |
| 8.6. Global Advanced Energy Storage Market - Opportunity Analysis Index, By Technology, By Application, By End User, and Region, 2023 - 2029 |
| 9. North America Advanced Energy Storage Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 9.1. Technology Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1. Solid State Battery |
| 9.1.2. Flow Battery |
| 9.1.3. Thermal Energy Storage |
| 9.1.4. Pumped Hydro Storage |
| 9.1.5. Others |
| 9.2. Application Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 9.2.1. Transportation |
| 9.2.2. Grid Storage |
| 9.3. End User Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 9.3.1. Residential |
| 9.3.2. Commercial |
| 9.3.3. Industrial |
| 9.3.4. Utility |
| 9.4. Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 9.4.1. USA |
| 9.4.2. Canada |
| 9.5. North America Advanced Energy Storage Market - Opportunity Analysis Index, By Technology, By Application, By End User, and Country, 2023 - 2029 |
| 9.6. North America Advanced Energy Storage Market Dynamics – Trends |
| 10. Europe Advanced Energy Storage Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 10.1. Technology Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1. Solid State Battery |
| 10.1.2. Flow Battery |
| 10.1.3. Thermal Energy Storage |
| 10.1.4. Pumped Hydro Storage |
| 10.1.5. Others |
| 10.2. Application Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 10.2.1. Transportation |
| 10.2.2. Grid Storage |
| 10.3. End User Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 10.3.1. Residential |
| 10.3.2. Commercial |
| 10.3.3. Industrial |
| 10.3.4. Utility |
| 10.4. Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 10.4.1. Germany |
| 10.4.2. UK |
| 10.4.3. France |
| 10.4.4. Spain |
| 10.4.5. Italy |
| 10.4.6. Rest of Europe |
| 10.5. Europe Advanced Energy Storage Market - Opportunity Analysis Index, By Technology, By Application, By End User, and Country, 2023 - 2029 |
| 10.6. Europe Advanced Energy Storage Market Dynamics – Trends |
| 11. Asia-Pacific Advanced Energy Storage Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 11.1. Technology Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1. Solid State Battery |
| 11.1.2. Flow Battery |
| 11.1.3. Thermal Energy Storage |
| 11.1.4. Pumped Hydro Storage |
| 11.1.5. Others |
| 11.2. Application Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 11.2.1. Transportation |
| 11.2.2. Grid Storage |
| 11.3. End User Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 11.3.1. Residential |
| 11.3.2. Commercial |
| 11.3.3. Industrial |
| 11.3.4. Utility |
| 11.4. Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 11.4.1. China |
| 11.4.2. India |
| 11.4.3. Japan |
| 11.4.4. ASEAN |
| 11.4.5. Australia & New Zealand |
| 11.4.6. Rest of Asia-Pacific |
| 11.5. Asia-Pacific Advanced Energy Storage Market - Opportunity Analysis Index, By Technology, By Application, By End User, and Country, 2023 - 2029 |
| 11.6. Asia-Pacific Advanced Energy Storage Market Dynamics – Trends |
| 12. Latin America Advanced Energy Storage Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 12.1. Technology Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1. Solid State Battery |
| 12.1.2. Flow Battery |
| 12.1.3. Thermal Energy Storage |
| 12.1.4. Pumped Hydro Storage |
| 12.1.5. Others |
| 12.2. Application Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 12.2.1. Transportation |
| 12.2.2. Grid Storage |
| 12.3. End User Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 12.3.1. Residential |
| 12.3.2. Commercial |
| 12.3.3. Industrial |
| 12.3.4. Utility |
| 12.4. Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 12.4.1. Brazil |
| 12.4.2. Mexico |
| 12.4.3. Rest of Latin America |
| 12.5. Latin America Advanced Energy Storage Market - Opportunity Analysis Index, By Technology, By Application, By End User, and Country, 2023 - 2029 |
| 12.6. Latin America Advanced Energy Storage Market Dynamics – Trends |
| 13. Middle East and Africa Advanced Energy Storage Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 13.1. Technology Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 13.1.1. Solid State Battery |
| 13.1.2. Flow Battery |
| 13.1.3. Thermal Energy Storage |
| 13.1.4. Pumped Hydro Storage |
| 13.1.5. Others |
| 13.2. Application Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 13.2.1. Transportation |
| 13.2.2. Grid Storage |
| 13.3. End User Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 13.3.1. Residential |
| 13.3.2. Commercial |
| 13.3.3. Industrial |
| 13.3.4. Utility |
| 13.4. Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 13.4.1. Gulf Cooperation Council (GCC) Countries |
| 13.4.2. South Africa |
| 13.4.3. Rest of MEA |
| 13.5. MEA Advanced Energy Storage Market - Opportunity Analysis Index, By Technology, By Application, By End User, and Country, 2023 - 2029 |
| 13.6. MEA Advanced Energy Storage Market Dynamics – Trends |
| 14. Competition Landscape |
| 14.1. Strategic Dashboard of Top Market Players |
| 14.2. Company Profiles (Introduction, Financial Analysis, Key Components, Key Developments, Strategies, and SWOT Analysis) |
| 14.2.1. ABB Ltd |
| 14.2.2. LG Chem Ltd. |
| 14.2.3. Samsung SDI Co |
| 14.2.4. General Electric Company |
| 14.2.5. Tesla, Inc. |
| 14.2.6. AES Corporation |
| 14.2.7. Mitsubishi Heavy Industry |
| 14.2.8. Evapco |
| 14.2.9. Panasonic |
| 14.2.10. Hitachi Chem |
| 15. Research Methodology |
| 16. Key Assumptions and Acronyms |
- ABB Ltd
- LG Chem Ltd.
- Samsung SDI Co
- General Electric Company
- Tesla, Inc.
- AES Corporation
- Mitsubishi Heavy Industry
- Evapco
- Panasonic
- Hitachi Chem