Energy Storage System (ESS) Market Size, Share, Trend Analysis and Forecast by Technology (Electromechanical, Electrochemical, and Thermal Storage), End-Use and Region to 2026

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Energy Storage System Market Overview

The Energy Storage System (ESS) market size will be valued at US$ 73.5 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 13.0% over the forecast period. The demand for energy storage solutions has observed tremendous growth post pandemic era owing to the falling prices of the technology and increased awareness towards clean energy systems.

Energy Storage System Market Outlook, 2022-2026 ($ billion)

Energy Storage System Market Outlook, 2022-2026 ($ billion)

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However, this industry comes with its own challenges which are not just limited to supply chain issues but also include cost perception in price sensitive markets and limited regulatory incentives. Nonetheless, the situation is evolving rapidly wherein developed as well as developing country governments are forming new regulatory policies to promote the deployment of ESS on a larger scale. For instance, in the U.S., the recently passed Inflation Reduction Act (IRA) 2022 is projected to directly aid the market growth of clean energy technologies over the near future.

The industry observed favorable growth over the last two years and is projected to witness rapid development over the forecast period. The key driver for the aforesaid growth is increasing emphasis to develop and scale up renewable systems and reduce the reliance on traditional fossil fuel based electricity.

Market Size (2023) US$ 73.5 billion
Market Size (2026) US$ 113.9 billion
CAGR 13.0% from 2022 to 2026
Forecast Period 2022-2026
Historic Data 2019-2021
Report Scope & Coverage Volume and Revenue Forecast, Competitive Index, Company Market Share, Growth Trends
Technology Segment Electromechanical, Electrochemical, and Thermal Storage
End-Use Grid-Scale, Commercial & Industrial, and Residential
Key Companies GE Renewable Energy; LG Energy Solutions; SAMSUNG SDI CO.,LTD.; NGK Insulators Ltd; BYD Co Ltd; Saft; Amber Kinetics, Inc.; Voith GmbH & Co. KGaA; Contemporary Amperex Technology Ltd; and CALMAC

Energy Storage System Market Segmentation by Technology

Electromechanical, electrochemical, and thermal storage are the key energy storage system technology. The electromechanical technology segment dominated the overall market share in terms of volume as well as revenue in 2023. This segment is anticipated to continue its dominance over the forecast period.

In addition, electromechanical technology segment is clearly the most developed technology, representing for more than 90% of the energy storage industry, followed by electrochemical and thermal storage.

Energy Storage System Market Analysis by Technology, 2023 (%)

Energy Storage System Market Analysis by Technology, 2023 (%)

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In addition to this, the electrochemical technology segment is expected to showcase the highest compounded annual growth rate of more than 19% in terms of revenue from 2022-2026. The growth is attributed to the reduction in its raw material cost and the strong boost from a regulatory perspective. The development of electrochemical energy storage systems with larger efficiency and reduced cost is expected to emerge as the major trend over the coming years. For instance, in August 2022, a group of researchers from MIT developed a new battery system made from aluminum and sulfur which offers low-cost backup as compared to the existing battery storage systems.

Energy Storage System Market Segmentation by End-Use

The three key end-use segments of energy storage system cover grid-scale, commercial & industrial, and residential users. Among these end-use segments, the grid-scale is projected to dominate the overall energy storage market share in terms of volume as well as in revenue in 2023.

Energy Storage System Market Share by End-Use, 2023 (%)

Energy Storage System Market Share by End-Use, 2023 (%)

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The residential end-use segment is projected to drive market growth over the forecast period. This segment has observed rapid development especially in countries like Germany, China, and India. The countries above are projected to invest heavily in this segment to enhance their energy self-reliance and reduce their energy import dependence. The residential end-use category is likely to showcase a compounded annual growth rate of over 18% from 2022 to 2026.

Lastly, the commercial & industrial end-use segment is expected to witness slowest growth as compared to its counterparts. Reason being that perception surrounding energy storage system technology cost especially in the developing countries continue to hinder its deployment at a mass level. However, with the assistance of solid policy framework and additional incentives, this challenge can be overcome over the forecast period.

Energy Storage System Market Analysis by Region

Asia-Pacific region emerged as the largest regional market in terms of volume as well as revenue in 2023, capturing over 40% of the overall market size. China is projected to emerge as the regional growth engine with a market volumetric share of more than 49% in 2023. The country has witnessed rapid deployment of ESS technology especially post pandemic era.

Asia-Pacific ESS Market Share by Country, 2023 (%)

Asia-Pacific ESS Market Share by Country, 2023 (%)

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North America is projected to emerge as the second largest region, accounting for a revenue market share of over 34% in 2023. The U.S. is anticipated to drive regional market growth over the near future, with strong fiscal and regulatory investment in the clean energy technologies. The recently passed Inflation Reduction Act (IRA) 2022 by the U.S. government is likely to boost the avenues for the energy storage system industry over the predicted timeline.

EMEA region comprising Europe, Middle East & Africa is likely to witness slower market growth for energy storage system as compared to its counter parts. The lower regional growth rate can be attributed to the geopolitical tensions in the region including Russia-Ukraine War, Brexit, and tensions in Middle East region. However, particularly in the EU region, the industry experts suggest that the growth is likely to be sustained with regulatory policy incentives and increased focus to reduce oil and gas dependence from Russia.

ESS Market - Competitive Landscape

The overall competitive landscape for global energy storage system market is still under developing phase with key market participants emerging from China, South Korea, Japan, US, and Europe. The industry is observing strong inflow of mergers and acquisitions especially post pandemic era. Key players in the ESS market include, GE Renewable Energy, LG Energy Solutions, SAMSUNG SDI CO., LTD., BYD Co Ltd, Contemporary Amperex Technology Ltd, etc. among others.

Leading Players in the ESS Market

  • GE Renewable Energy
  • LG Energy Solutions
  • SAMSUNG SDI CO.,LTD.
  • NGK Insulators Ltd
  • BYD Co Ltd
  • Saft
  • Amber Kinetics, Inc.
  • Voith GmbH & Co. KGaA
  • Contemporary Amperex Technology Ltd
  • CALMAC

The presence of automotive giants like Tesla particularly in the electrochemical technology segment is projected to set precedence for the OEMs to enter and secure their supply chain. The market is still under development phase particularly for the aforementioned technology segment and is likely to mature by 2030.

Other ESS Market Vendors Mentioned

ANDRITZ, Hydrostor Inc., MAN Energy Solutions SE, VYCON, C&D TECHNOLOGIES, INC., Fluence, Narada, Abengoa, Brenmiller Energy Ltd., A123 Systems LLC, Sinexcel, Xtreme Power Inc., NextEra Energy, Inc. , Tesla, sonnenGroup , and Leclanché SA.

To know more about leading energy storage system market players, download a free sample

The market intelligence report provides an in-depth analysis of the following –

  • ESS market outlook: analysis as well as historical figures and forecasts of revenue opportunities from the technology, end-use, and regional segments.
  • The competitive landscape: an examination of the positioning of leading players in the ESS market.
  • Company snapshots: analysis of the market position of leading service providers in the ESS market.
  • Underlying assumptions behind our published base-case forecasts, as well as potential market developments that would alter, either positively or negatively, our base-case outlook.

Reasons to Buy

  • This market intelligence report offers a thorough, forward-looking analysis of the global ESS market by technology, end-use, and key opportunities in a concise format to help executives build proactive and profitable growth strategies.
  • Accompanying GlobalData’s Forecast products, the report examines the assumptions and drivers behind ongoing and upcoming trends in ESS markets.
  • The report also highlights key technology segments (Electromechanical, Electrochemical, and Thermal Storage)
  • The report also highlights key end-use segments (Grid-Scale, Commercial & Industrial, Residential)
  • With more than 20 charts and tables, the report is designed for an executive-level audience, boasting presentation quality.
  • The report provides an easily digestible market assessment for decision-makers built around in-depth information gathered from local market players, which enables executives to quickly get up to speed with the current and emerging trends in ESS markets.
  • The broad perspective of the report coupled with comprehensive, actionable detail will help energy and power sector stakeholders, service providers, and other ESS players succeed in growing the ESS market globally.

Key Players

GE Renewable Energy
LG Energy Solutions
SAMSUNG SDI CO.,LTD.
NGK Insulators Ltd
BYD Co Ltd
Saft
Amber Kinetics, Inc.
Voith GmbH & Co. KGaA
Contemporary Amperex Technology Ltd
CALMAC

Table of Contents

CHAPTER 01 Executive Summary

1.1 Energy Storage System Market Snapshot

CHAPTER 02 Research Scope & Segmentation

CHAPTER 03 Industry Outlook & Trend Analysis

3.1 Macroeconomic Indicators

3.2 Energy Storage Systems – Industry Value Chain

3.2.1 LIST OF EQUIPMENT MANUFACTURERS

3.2.2 LIST OF ENGINEERING, PROCUREMENT, AND CONSTRUCTION PLAYERS

3.2.3 LIST OF POWER GENERATION VENDORS

3.2.4 LIST OF TRANSMISSION & DISTRIBUTION COMPANIES

3.3 Technological Trends

3.3.1 MECHANICAL STORAGE

3.3.1.1 PHS

3.3.1.2 Flywheel energy storage (FES)

3.3.1.3 CAES

3.3.2 ELECTROCHEMICAL ENERGY STORAGE

3.3.2.1 Battery chemistry

3.3.2.2 Battery types

3.3.2.3 Battery technologies

3.3.2.3.1 Lead-acid batteries

3.3.2.3.2 Li-ion batteries

3.3.2.3.3 Flow systems

3.3.2.3.4 Sodium Sulphur (NaS) batteries

3.3.3 THERMAL ENERGY STORAGE

3.3.4 ELECTRICAL ENERGY STORAGE

3.3.4.1 SMES

3.3.4.2 Capacitors or supercapacitors

3.4 Regulatory Trends

3.5 Energy Storage Systems – Market Variables & Impact Analysis

3.5.1 MARKET DRIVER ANALYSIS

3.5.1.1 Adoption of Renewables Would Require Flexible Technologies to Maintain Grid Reliability

3.5.1.2 Increasing Retail Tariffs and Decline in Incentives Will Complement Self-Sufficiency Measures

3.5.1.3 Falling Prices to Help Distributed Energy Technologies Achieve Grid Parity

3.5.2 MARKET RESTRAINT ANALYSIS

3.5.2.1 Cost Perception in Price-Sensitive Markets Could Impede Growth

3.5.2.2 Volatility in Material Supply Chain and Prices Could Impede Growth

3.5.2.3 Absence of Incentives Could Deter Energy Storage Deployment

3.5.3 COVID-19 IMPACT ANALYSIS

3.5.3.1 Temporary Slowdown of ESS Deployment

3.5.3.2 COVID Accelerated Renewable Deployment

3.5.3.3 Energy storage and the COVID-19 recovery

3.6 Energy Storage System Market Structure – PORTER’s Analysis

3.7 Environmental Impact Analysis

3.8 Major Developments of Energy Storage System Market

3.9 Energy Storage Systems– Mergers & Acquisitions (M&A)

3.10 Energy Storage Systems – Patent Analysis

3.10.1 PATENT ANALYTICAL DASHBOARD

CHAPTER 04 Global Energy Storage System Revenue Opportunity

4.1 Global Market Revenue Snapshot

4.2 Global Energy Storage System By Technology

4.3 Global Energy Storage System By End-Use

4.4 Applications of Energy Storage Systems

CHAPTER 05 Energy Storage System (EES) Regional Outlook

5.1 Energy Storage System (EES) – Regional Deep Dive

5.2 Americas Energy Storage System (ESS) Market Snapshot

5.2.1 AMERICAS ENERGY STORAGE SYSTEM MARKET, BY TECHNOLOGY

5.2.2 AMERICAS ENERGY STORAGE SYSTEM MARKET, BY END-USE

5.2.3 U.S. ENERGY STORAGE SYSTEM MARKET

5.2.3.1 U.S. Energy Storage System Market, By Technology

5.2.3.2 U.S. Energy Storage System Market, By End-Use

5.2.4 REST OF AMERICAS ENERGY STORAGE SYSTEM MARKET

5.2.4.1 Rest of Americas Energy Storage System Market, By Technology

5.2.4.2 Rest of Americas Energy Storage System Market, By End-Use

5.3 EMEA Energy Storage System (ESS) Market Snapshot

5.3.1 EMEA ENERGY STORAGE SYSTEM MARKET, BY TECHNOLOGY

5.3.2 EMEA ENERGY STORAGE SYSTEM MARKET, BY END-USE

5.3.3 GERMANY ENERGY STORAGE SYSTEM MARKET

5.3.3.1 Germany Energy Storage System Market, By Technology

5.3.3.2 Germany Energy Storage System Market, By End-Use

5.3.4 UK STORAGE SYSTEM MARKET

5.3.4.1 UK Energy Storage System Market, By Technology

5.3.4.2 UK Energy Storage System Market, By End-Use

5.3.5 FRANCE STORAGE SYSTEM MARKET

5.3.5.1 France Energy Storage System Market, By Technology

5.3.5.2 France Energy Storage System Market, By End-Use

5.3.6 REST OF EMEA STORAGE SYSTEM MARKET

5.3.6.1 Rest of EMEA Energy Storage System Market, By Technology

5.3.6.2 Rest of EMEA Energy Storage System Market, By End-Use

5.4 Asia Pacific Energy Storage System (ESS) Market Snapshot

5.4.1 ASIA PACIFIC ENERGY STORAGE SYSTEM MARKET, BY TECHNOLOGY

5.4.2 ASIA PACIFIC ENERGY STORAGE SYSTEM MARKET, BY END-USE

5.4.3 CHINA ENERGY STORAGE SYSTEM MARKET

5.4.3.1 China Energy Storage System Market, By Technology

5.4.3.2 China Energy Storage System Market, By End-Use

5.4.4 INDIA STORAGE SYSTEM MARKET

5.4.4.1 India Energy Storage System Market, By Technology

5.4.4.2 India Energy Storage System Market, By End-Use

5.4.5 JAPAN STORAGE SYSTEM MARKET

5.4.5.1 Japan Energy Storage System Market, By Technology

5.4.5.2 Japan Energy Storage System Market, By End-Use

5.4.6 SOUTH KOREA STORAGE SYSTEM MARKET

5.4.6.1 South Korea Energy Storage System Market, By Technology

5.4.6.2 South Korea Energy Storage System Market, By End-Use

5.4.7 AUSTRALIA STORAGE SYSTEM MARKET

5.4.7.1 Australia Energy Storage System Market, By Technology

5.4.7.2 Australia Energy Storage System Market, By End-Use

5.4.8 REST OF ASIA PACIFIC STORAGE SYSTEM MARKET

5.4.8.1 Rest of Asia Pacific Energy Storage System Market, By Technology

5.4.8.2 Rest of Asia Pacific Energy Storage System Market, By End-Use

CHAPTER 06 Competitive Analysis

6.1 Key Players & Recent Developments & Their Impact on the Industry

6.2 List of Energy Storage Tenders & Contracts

6.3 List of Energy Storage Projects

6.4 Case Studies

6.4.1 ANGAS A-CAES PROJECT, ANGAS ZINC MINE, AUSTRALIA

6.4.2 SIEMENS GAMESA DEMONSTRATOR PLANT, GERMANY

6.4.3 HIGHVIEW POWER CRYOBATTERY, UK

6.4.4 PROJECT CENTURION, RUNCORN, UK

6.4.5 RAVENSWOOD GENERATING STATION BATTERY STORAGE

CHAPTER 07 Company Profiles

7.1 GE Renewable Energy

7.2 LG Energy Solutions

7.3 SAMSUNG SDI CO.,LTD.

7.4 NGK Insulators Ltd

7.5 BYD Co Ltd

7.6 Saft

7.7 Amber Kinetics, Inc.

7.8 Voith GmbH & Co. KGaA

7.9 Contemporary Amperex Technology Ltd

7.10 CALMAC

7.11 ANDRITZ

7.12 Hydrostor Inc.

7.13 MAN Energy Solutions SE

7.14 VYCON, C&D TECHNOLOGIES, INC.

7.15 Fluence

7.16 Narada

7.17 Abengoa

7.18 Brenmiller Energy Ltd.

7.19 A123 Systems LLC

7.20 Sinexcel

7.21 Xtreme Power Inc.

7.22 NextEra Energy, Inc.

7.23 Tesla

7.24 sonnenGroup

7.25 Leclanché SA

CHAPTER 08 Methodology and Scope

8.1 Research Elements

8.2 Information Procurement

8.3 Energy Storage System Analysis

8.4 Market Opportunity Forecast – Research Methodology & Formulation

Contact Us

Table

Table 1 Key Trends Overview

Table 2 Global Energy Storage System Market By Technology, 2019 – 2026 (USD Million)

Table 3 Global Energy Storage System Market By Technology, 2019 – 2026 (MW)

Table 4 Global Energy Storage System Market By End-Use, 2019 – 2026 (USD Million)

Table 5 Global Energy Storage System Market By End-Use, 2019 – 2026 (MW)

Table 6 Americas Energy Storage System Market By Technology, 2019 – 2026 (USD Million)

Table 7 Americas Energy Storage System Market By Technology, 2019 – 2026 (MW)

Table 8 Americas Energy Storage System Market By End-Use, 2019 – 2026 (USD Million)

Table 9 Americas Energy Storage System Market By End-Use, 2019 – 2026 (MW)

Table 10 U.S. Energy Storage System Market By Technology, 2019 – 2026 (USD Million)

Table 11 U.S. Energy Storage System Market By Technology, 2019 – 2026 (MW)

Table 12 U.S. Energy Storage System Market By End-Use, 2019 – 2026 (USD Million)

Table 13 U.S. Energy Storage System Market By End-Use, 2019 – 2026 (MW)

Table 14 Rest of Americas Energy Storage System Market By Technology, 2019 – 2026 (USD Million)

Table 15 Rest of Americas Energy Storage System Market By Technology, 2019 – 2026 (MW)

Table 16 Rest of Americas Energy Storage System Market By End-Use, 2019 – 2026 (USD Million)

Table 17 Rest of Americas Energy Storage System Market By End-Use, 2019 – 2026 (MW)

Table 18 EMEA Energy Storage System Market By Technology, 2019 – 2026 (USD Million)

Table 19 EMEA Energy Storage System Market By Technology, 2019 – 2026 (MW)

Table 20 EMEA Energy Storage System Market By End-Use, 2019 – 2026 (USD Million)

Table 21 EMEA Energy Storage System Market By End-Use, 2019 – 2026 (MW)

Table 22 Germany Energy Storage System Market By Technology, 2019 – 2026 (USD Million)

Table 23 Germany Energy Storage System Market By Technology, 2019 – 2026 (MW)

Table 24 Germany Energy Storage System Market By End-Use, 2019 – 2026 (USD Million)

Table 25 Germany Energy Storage System Market By End-Use, 2019 – 2026 (MW)

Table 26 UK Energy Storage System Market By Technology, 2019 – 2026 (USD Million)

Table 27 UK Energy Storage System Market By Technology, 2019 – 2026 (MW)

Table 28 UK Energy Storage System Market By End-Use, 2019 – 2026 (USD Million)

Table 29 UK Energy Storage System Market By End-Use, 2019 – 2026 (MW)

Table 30 France Energy Storage System Market By Technology, 2019 – 2026 (USD Million)

Table 31 France Energy Storage System Market By Technology, 2019 – 2026 (MW)

Table 32 France Energy Storage System Market By End-Use, 2019 – 2026 (USD Million)

Table 33 France Energy Storage System Market By End-Use, 2019 – 2026 (MW)

Table 34 Rest of EMEA Energy Storage System Market By Technology, 2019 – 2026 (USD Million)

Table 35 Rest of EMEA Energy Storage System Market By Technology, 2019 – 2026 (MW)

Table 36 Rest of EMEA Energy Storage System Market By End-Use, 2019 – 2026 (USD Million)

Table 37 Rest of EMEA Energy Storage System Market By End-Use, 2019 – 2026 (MW)

Table 38 Asia Pacific Energy Storage System Market By Technology, 2019 – 2026 (USD Million)

Table 39 Asia Pacific Energy Storage System Market By Technology, 2019 – 2026 (MW)

Table 40 Asia Pacific Energy Storage System Market By End-Use, 2019 – 2026 (USD Million)

Table 41 Asia Pacific Energy Storage System Market By End-Use, 2019 – 2026 (MW)

Table 42 China Energy Storage System Market By Technology, 2019 – 2026 (USD Million)

Table 43 China Energy Storage System Market By Technology, 2019 – 2026 (MW)

Table 44 China Energy Storage System Market By End-Use, 2019 – 2026 (USD Million)

Table 45 China Energy Storage System Market By End-Use, 2019 – 2026 (MW)

Table 46 India Energy Storage System Market By Technology, 2019 – 2026 (USD Million)

Table 47 India Energy Storage System Market By Technology, 2019 – 2026 (MW)

Table 48 India Energy Storage System Market By End-Use, 2019 – 2026 (USD Million)

Table 49 India Energy Storage System Market By End-Use, 2019 – 2026 (MW)

Table 50 Japan Energy Storage System Market By Technology, 2019 – 2026 (USD Million)

Table 51 Japan Energy Storage System Market By Technology, 2019 – 2026 (MW)

Table 52 Japan Energy Storage System Market By End-Use, 2019 – 2026 (USD Million)

Table 53 Japan Energy Storage System Market By End-Use, 2019 – 2026 (MW)

Table 54 South Korea Energy Storage System Market By Technology, 2019 – 2026 (USD Million)

Table 55 South Korea Energy Storage System Market By Technology, 2019 – 2026 (MW)

Table 56 South Korea Energy Storage System Market By End-Use, 2019 – 2026 (USD Million)

Table 57 South Korea Energy Storage System Market By End-Use, 2019 – 2026 (MW)

Table 58 Australia Energy Storage System Market By Technology, 2019 – 2026 (USD Million)

Table 59 Australia Energy Storage System Market By Technology, 2019 – 2026 (MW)

Table 60 Australia Energy Storage System Market By End-Use, 2019 – 2026 (USD Million)

Table 61 Australia Energy Storage System Market By End-Use, 2019 – 2026 (MW)

Table 62 Rest of Asia Pacific Energy Storage System Market By Technology, 2019 – 2026 (USD Million)

Table 63 Rest of Asia Pacific Energy Storage System Market By Technology, 2019 – 2026 (MW)

Table 64 Rest of Asia Pacific Energy Storage System Market By End-Use, 2019 – 2026 (USD Million)

Table 65 Rest of Asia Pacific Energy Storage System Market By End-Use, 2019 – 2026 (MW)

Figures

Fig.1 Market snapshot

Fig.2 Energy storage system (ESS) market segmentation

Fig.3 Industry value chain

Fig.4 Type of Energy Storage Systems

Fig.5 Mechanical and thermal value chain

Fig.6 Electrochemical battery value chain

Fig.7 Hydrogen storage value chain

Fig.8 Type of energy storage technologies

Fig.9 Energy storage systems market – Key drivers impact analysis

Fig.10 Energy storage systems market – Key restraint impact analysis

Fig.11 Energy storage systems market – PORTER’s analysis

Fig.12 Energy Storage Systems (EES)– Patent Activity Dashboard

Fig.13 Global energy storage system market –Revenue opportunity forecast, 2019-2026 (USD Million)

Fig.14 Global energy storage system market by technology, 2019-2026 (USD Million)

Fig.15 Global energy storage system market by end-use, 2019-2026 (USD Million)

Fig.16 Energy storage system, maturity of different storage technologies

Fig.17 Energy storage system applications

Fig.18 Energy Storage System (EES)– Market Overview

Fig.19 Americas energy storage system (ESS) market snapshot

Fig.20 Americas energy storage system (ESS) by technology type share – 2021 & 2026 (%)

Fig.21 Americas energy storage system (ESS) by end-use type share – 2021 & 2026 (%)

Fig.22 U.S. energy storage system (ESS) by technology type share – 2021 & 2026 (%)

Fig.23 U.S. energy storage system (ESS) by end-use type share – 2021 & 2026 (%)

Fig.24 Rest of Americas energy storage system (ESS) by technology type share – 2021 & 2026 (%)

Fig.25 Rest of Americas energy storage system (ESS) by end-use type share – 2021 & 2026 (%)

Fig.26 EMEA energy storage system (ESS) market snapshot

Fig.27 EMEA energy storage system (ESS) by technology type share – 2021 & 2026 (%)

Fig.28 EMEA energy storage system (ESS) by end-use type share – 2021 & 2026 (%)

Fig.29 Germany energy storage system (ESS) by technology type share – 2021 & 2026 (%)

Fig.30 Germany energy storage system (ESS) by end-use type share – 2021 & 2026 (%)

Fig.31 UK energy storage system (ESS) by technology type share – 2021 & 2026 (%)

Fig.32 UK energy storage system (ESS) by end-use type share – 2021 & 2026 (%)

Fig.33 France energy storage system (ESS) by technology type share – 2021 & 2026 (%)

Fig.34 France energy storage system (ESS) by end-use type share – 2021 & 2026 (%)

Fig.35 Rest of EMEA energy storage system (ESS) by technology type share – 2021 & 2026 (%)

Fig.36 Rest of EMEA energy storage system (ESS) by end-use type share – 2021 & 2026 (%)

Fig.37 Asia Pacific energy storage system (ESS) market snapshot

Fig.38 Asia Pacific energy storage system (ESS) by technology type share – 2021 & 2026 (%)

Fig.39 Asia Pacific energy storage system (ESS) by end-use type share – 2021 & 2026 (%)

Fig.40 China energy storage system (ESS) by technology type share – 2021 & 2026 (%)

Fig.41 China energy storage system (ESS) by end-use type share – 2021 & 2026 (%)

Fig.42 India energy storage system (ESS) by technology type share – 2021 & 2026 (%)

Fig.43 India energy storage system (ESS) by end-use type share – 2021 & 2026 (%)

Fig.44 Japan energy storage system (ESS) by technology type share – 2021 & 2026 (%)

Fig.45 Japan energy storage system (ESS) by end-use type share – 2021 & 2026 (%)

Fig.46 South Korea energy storage system (ESS) by technology type share – 2021 & 2026 (%)

Fig.47 South Korea energy storage system (ESS) by end-use type share – 2021 & 2026 (%)

Fig.48 Australia energy storage system (ESS) by technology type share – 2021 & 2026 (%)

Fig.49 Australia energy storage system (ESS) by end-use type share – 2021 & 2026 (%)

Fig.50 Rest of Asia Pacific energy storage system (ESS) by technology type share – 2021 & 2026 (%)

Fig.51 Rest of Asia Pacific energy storage system (ESS) by end-use type share – 2021 & 2026 (%)

Fig.52 Company snapshot: GE Renewable Energy

Fig.53 Company snapshot: LG Energy Solutions

Fig.54 Company snapshot: SAMSUNG SDI CO.,LTD.

Fig.55 Company snapshot: NGK Insulators Ltd

Fig.56 Company snapshot: BYD Co Ltd

Fig.57 Company snapshot: Saft

Fig.58 Company snapshot: Amber Kinetics, Inc.

Fig.59 Company snapshot: Voith GmbH & Co. KGaA

Fig.60 Company snapshot: Contemporary Amperex Technology Ltd

Fig.61 Company snapshot: CALMAC

Fig.62 Data analysis model

Fig.63 Consumer survey process

Frequently asked questions

  • What was the ESS market size in 2023?

    The ESS market size was valued at $ 73.5 billion in 2023.

  • What is the ESS market growth rate?

    The ESS market is expected to grow at a CAGR of 13.0% during the forecast period (2022-2026).

  • What are the key ESS market drivers?

    The reduction in the raw material cost for ESS based solutions particularly the electrochemical technology is driving the market growth.

  • What are the key ESS market segments?

    Technology Segments: Electromechanical, Electrochemical, and Thermal Storage

    End-Use Segments: Grid-Scale, Commercial & Industrial, and Residential

  • Which are the leading ESS companies globally?

    The leading ESS companies are GE Renewable Energy; LG Energy Solutions; SAMSUNG SDI CO.,LTD.; NGK Insulators Ltd; BYD Co Ltd; Saft; Amber Kinetics, Inc.; Voith GmbH & Co. KGaA; Contemporary Amperex Technology Ltd; and CALMAC.

  • Is there a third level of segmentation in the report?

    GlobalData’s focus is on providing reliable and accurate data that is supported by robust research methodology. Our reports undergo rigorous quality checks and are based on primary and secondary research sources, ensuring that the numbers and insights provided are trustworthy.

    However, despite the best efforts to gather comprehensive data, there could be instances where the available data is limited, making it challenging to provide third level segmentation. In such cases, GlobalData may choose to provide high-level insights and general trends rather than forcing segmentation that may not be backed by sufficient data. This approach ensures that the report’s overall quality and credibility are maintained.

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I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise.  The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

Senior Account Manager, TSYS
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