Energy Storage System Market is predicted to reach USD 1,53,663.4 million at a CAGR of 25.46% during the forecast period 2023-2030

Market Research Future (MRFR) has published on the “Global Energy Storage System Market”.

The Energy Storage System market is estimated to register a CAGR of 25.46% during the forecast period of 2023 to 2030.

MRFR recognizes the following companies as the key players in the global Energy Storage System market— ABB Ltd. (Switzerland), BYD Company Ltd. (China), EOS Energy Enterprises Inc. (United States), Evapco, Inc. (United States), UCAP Power (U.S.), General Electric, Hitachi Ltd. (Japan), Schneider Electric SE (France), Siemens AG (Germany), Panasonic Corporation (Japan).

Market Highlights

The global energy storage system market is accounted for to register a CAGR of 25.46% during the forecast period and is estimated to reach USD 1,53,663.4 million by 2030.

The Energy Storage System (ESS) market refers to the industry that involves the development, manufacturing, deployment, and operation of technologies and systems designed to store energy for later use. Energy storage systems play a crucial role in the integration of renewable energy sources, such as solar and wind power, into the grid, as they help manage the variability and intermittency of these renewable sources.

ESS serves as a vital link between energy generation and consumption, allowing excess energy produced during times of low demand or high renewable generation to be stored and utilized during peak demand or when renewable sources are not generating electricity. By doing so, energy storage systems contribute to a more reliable, stable, and efficient energy grid, reducing the need for costly infrastructure upgrades and enhancing grid resilience.

Advances in battery technology, particularly in lithium-ion batteries, have led to cost reductions and improved energy storage capabilities, making ESS more economically viable. The growing popularity of electric vehicles has spurred investments in battery manufacturing capacity, leading to a decline in battery costs and further driving the adoption of energy storage systems. Many countries and regions offer supportive policies, incentives, and mandates to promote the deployment of energy storage systems, accelerating market growth.

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Segment Analysis

The global energy storage system market has been segmented based on technology, application, end-user, and region.

The global energy storage system market segmentation, based on technology, has been segmented as pumped-hydro storage, battery-energy storage, compressed air energy storage, and flywheel energy storage. Among these, pumped-hydro storage type is projected to dominate the global energy storage system market revenue through the projected period as estimated by MRFR analysts. Pumped-hydro storage facilities can provide ancillary services to the grid, such as frequency regulation and grid balancing. These services enhance grid reliability and allow for a more efficient use of energy resources. Pumped-hydro storage facilities have a fast response time, enabling them to quickly ramp up or down their electricity generation based on grid demands. This rapid response capability is essential for meeting sudden changes in energy demand or unexpected fluctuations in renewable energy output.

Based on application, the market has been segmented as stationary and transportation. Among these, transportation is projected to dominate the global energy storage system market revenue through the projected period as estimated by MRFR analysts. Energy storage systems can facilitate fast-charging solutions for EVs. By storing and delivering electricity at high power levels, ESS can enable rapid charging infrastructure, reducing charging times and enhancing the practicality of EVs. Energy storage can be incorporated into electric buses, trucks, and other commercial vehicles, providing mobile power solutions for various applications. It can also support off-grid transportation systems, such as electric trains and boats, where access to a reliable electrical grid may be limited.

Based on end-user, the market has been segmented as residential, non-residential, and utilities. Among these, utilities is projected to dominate the global energy storage system market revenue through the projected period as estimated by MRFR analysts. Energy storage systems can help utilities defer costly upgrades to transmission and distribution (T&D) infrastructure. By strategically placing ESS in areas with high grid congestion or voltage issues, utilities can optimize the use of existing infrastructure. Energy storage supports the development of microgrids, which are smaller, localized energy systems that can operate independently from the main grid during outages or emergencies. Utilities can enhance grid resiliency by incorporating ESS into microgrid projects.

Regional Analysis

By Region, the study segments the Energy Storage System market into North America, Europe, Asia-Pacific, Middle East & Africa and Latin America. The APAC region, including countries such as China, India, Japan, South Korea, and Southeast Asian nations, has experienced significant economic growth over the past decades. Governments in Asia Pacific have implemented various policies and incentives to promote the adoption of energy storage technologies. These policies often include financial incentives, feed-in tariffs, and mandates for renewable energy integration, providing a favorable environment for ESS development.

Asia Pacific is a major hub for battery manufacturing and innovation. The region is home to some of the world's leading battery manufacturers, driving advancements in battery technology and cost reductions, making energy storage solutions more economically viable. Many countries in the region are pushing for electrification in sectors such as transportation and industry. The adoption of electric vehicles and the integration of energy storage in charging infrastructure further stimulate the ESS market.

Key Findings of the Study

• The global energy storage system market is expected to reach USD 1,53,663.4 million by 2030, at a CAGR of 25.46% during the forecast period.


• The Asia Pacific region accounted for the fastest-growing global market.


• Based on technology, the pumped-hydro storage segment was attributed to holding the largest market in 2022.


• Based on application, the transportation segment was attributed to holding the largest market in 2022.


• Based on end-user, the utilities segment was attributed to holding the largest market in 2022.


• ABB Ltd. (Switzerland), BYD Company Ltd. (China), EOS Energy Enterprises Inc. (United States), Evapco, Inc. (United States), UCAP Power (U.S.), General Electric, Hitachi Ltd. (Japan), Schneider Electric SE (France), Siemens AG (Germany), Panasonic Corporation (Japan) are the key market players.