Dublin, Jan. 29, 2025 (GLOBE NEWSWIRE) — The “Advanced Energy Storage Systems Market Report 2025” report has been added to ResearchAndMarkets.com’s offering.
This Advanced Energy Storage Systems market report covers market characteristics, size & growth, segmentation, regional & country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
Asia-Pacific was the largest region in the advanced energy storage system market in 2024.
The advanced energy storage systems market size has grown strongly in recent years. It will grow from $19.58 billion in 2024 to $21.08 billion in 2025 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to increase in renewable energy investments, grid modernization, government incentives and regulations, growth in the electric vehicles, rise in electricity consumption.
The advanced energy storage systems market size is expected to see strong growth in the next few years. It will grow to $29.8 billion in 2029 at a compound annual growth rate (CAGR) of 9%. The growth in the forecast period can be attributed to climate change and emission reduction goals, increasing demand for renewable energy sources, rising microgrid and on-grid technologies infrastructure, investment in modern infrastructure, growing need for energy reliability. Major trends in the forecast period include enhanced battery technologies, hybrid energy storage systems, virtual power plants (VPPs), energy management software, second-life batteries.
The growing investments in renewable energy are expected to drive the expansion of the advanced energy storage systems market. For example, in March 2024, the International Energy Agency (IEA), a US-based government agency, reported that 2023 saw record renewable energy deployment, reaching 3,870 Gigawatts (GW) globally in the power sector. Renewables represented 86% of new capacity, though growth was uneven across regions, highlighting a gap from the target to triple renewable power capacity by 2030. Therefore, increasing investments in renewable energy will drive the growth of the advanced energy storage systems market.
The burgeoning demand for electric vehicles is set to catalyze the advancement of the advanced energy storage systems market. Notably, in July 2023, sales of electric vehicles nearly doubled to 6.6 million in 2021 compared to the previous year, escalating the total number of electric vehicles on the roads to 16.5 million, as per the International Energy Agency’s findings. Consequently, the amplified demand for electric vehicles is steering the growth of the advanced energy storage systems market.
Technology advancement is a key trend gaining popularity in the advanced energy storage systems market. For instance, in August 2024 ENERGY.GOV, a US-based U.S. Department of Energy company, launched a new Advanced Energy Storage Research and Testing Facility aimed at accelerating the development of next-generation energy storage technologies. This facility will focus on bridging the gap between fundamental battery research and commercial-scale battery development, facilitating the exploration of various battery chemistries and materials. It is designed to support the development of high-density energy storage systems, particularly for electric vehicles, and will enable collaboration among scientists from industry, academia, and national security. The facility features advanced capabilities for preparing and testing new battery chemistries, including lithium-sulfur and sodium-ion batteries, thereby contributing to advancements in energy storage solutions essential for renewable energy integration and grid stability.
Major players within the advanced energy storage systems market are driving innovation by introducing new products like Gridstack Pro to enhance their profitability in the industry. For instance, in October 2023, Fluence Energy, a US-based electric services company, unveiled Gridstack Pro. This product facilitates the swifter completion of energy storage projects, enabling quicker revenue generation due to its capability to manage the largest and most intricate utility-scale projects worldwide.
Report Scope
Markets Covered:
1) By Technology: Pumped Hydro Storage, Electrochemical Storage, Electromechanical Storage, Thermal Storage
2) By Application: Transportation, Grid Storage, Other Applications
3) By End-User: Residential, Non-Residential
Subsegments:
1) By Pumped Hydro Storage: Conventional Pumped Storage; Open-loop Pumped Storage; Closed-loop Pumped Storage
2) By Electrochemical Storage: Lithium-ion Batteries; Lead-acid Batteries; Flow Batteries; Sodium-sulfur Batteries; Others
3) By Electromechanical Storage: Flywheel Energy Storage; Compressed Air Energy Storage (CAES); Other Mechanical Storage
4) By Thermal Storage: Molten Salt Storage; Ice Storage; Water Storage; Phase Change Materials (PCM); Others
Key Companies Profiled: ABB Ltd.; LG Chem Ltd.; Samsung SDI Co. Ltd.; General Electric Company; Tesla Inc.
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2025-2029 |
| Estimated Market Value (USD) in 2025 | $21.08 Billion |
| Forecasted Market Value (USD) by 2029 | $29.8 Billion |
| Compound Annual Growth Rate | 9% |
| Regions Covered | Global |
The major companies featured in this Advanced Energy Storage Systems market report include:
- ABB Ltd.
- LG Chem Ltd.
- Samsung SDI Co. Ltd.
- General Electric Company
- Tesla Inc.
- GS Yuasa Corporation
- Siemens AG
- Panasonic Corporation
- Caledonian MacBrayne Ltd.
- Toshiba Corporation
- NextEra Energy Inc.
- sonnen GmbH
- AES Corporation
- EDF Renewables SA
- Schneider Electric SE
- Maxwell Corporation
- LyondellBasell Industries N.V.
- INEOS Group AG
- SAFT SA
- Green Charge Networks LLC
- S&C Electric Company
- BYD Company Limited
- Hitachi Chemical Co. Ltd.
- NEC Energy Solutions Inc.
- Enphase Energy Inc.
- Sunverge Energy Inc.
- Renewable Energy Systems
- Eversource Energy
- DTE Energy Co.
- NV Energy Inc.
- Advanced Energy Industries Inc.
- Alevo Group SA
- Stem Inc.
- Aquion Energy Inc.
For more information about this report visit https://www.researchandmarkets.com/r/yvnpha
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- Advanced Energy Storage Systems Market
