Discover Top 20 Companies in Global Energy Storage Market (2024-2035): Perspective on Stats by Spherical Insights & Consulting
RELEASE DATE: Jul 2025 Author: Spherical InsightsRequest Free Sample Speak to Analyst
Description
According to a research report published by Spherical Insights & Consulting, The Global Energy Storage Market Size is projected To Grow from USD 57.23 Billion in 2024 to USD 245.23 Billion by 2035, at a CAGR of 14.14% during the forecast period 2025–2035. The requirement for grid stability and the rising demand for renewable energy sources are driving the market for energy storage. Policies and incentives are being implemented by governments worldwide to encourage energy storage systems, which are essential for controlling the intermittent nature of renewable energy sources like wind and solar. Moreover, cutting-edge storage technologies like flow batteries and lithium-ion batteries this change is fostering an advantageous environment.
Introduction
The global Energy Storage market refers to the industry centered on the technology, systems, and services used to capture and store energy for later consumption are all included in the energy storage sector. This market is vital for integrating renewable energy sources, enhancing grid resilience and dependability, and balancing the supply and demand for electricity. Mechanical systems, including flywheels, pumped hydro storage, thermal storage, hydrogen storage, and lithium-ion and other battery systems, are just a few of the many storage options it offers. The market for energy storage is expanding quickly due to legislative incentives, declining technology prices, and the increasing demand for grid flexibility as global energy systems move toward decentralization and decarbonization.
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Energy Storage Market Size & Statistics
The market for Energy Storage was estimated to be worth USD 57.23 billion in 2024.
The market is going to expand at a CAGR of 14.14% between 2025 and 2035.
The Global Energy Storage Market is anticipated to reach USD 245.23 billion by 2035.
Asia Pacific is projected to grow at the largest share over the forecast period in the Energy Storage market.
Europe is anticipated to grow the fastest revenue share during the forecast period in the Energy Storage market.
Regional growth and demand
Asia Pacific is anticipated to grow to the largest share over the forecast period in the Energy Storage market. The Energy Storage sector in the Asia Pacific is projected to experience the highest CAGR during the forecast period, influenced by significant expansion in the Energy Storage industry. Major driving factors such as rapid industrialization, increasing integration of green energy sources, and increasing need for electricity in emerging economies are driving the Asia-Pacific energy storage market. The region's governments are encouraging laws and incentives to be put in place to encourage energy security, decarbonization, and grid modernization. China has a progressive and ambitious energy storage program, with local governments frequently surpassing national targets. Although lithium-ion technology will lead, the 14th FYP for Energy Storage currently establishes medium- and long-term goals to build domestic capabilities in all fundamental storage technologies. Moreover, India, Thailand, Singapore, Malaysia, and Indonesia are among the other Asian countries that are gradually catching up in terms of battery and novel technology.
Europe is expected to grow at the fastest pace over the forecast period in the Energy Storage market. In order to meet climate targets and improve energy security, Europe is working to speed its clean energy transition. The primary factors contributing to the market growth in the region because that to draw investment and encourage the deployment of LDES and flow batteries, the research emphasizes the need for comparable or even more ambitious governmental priorities, subsidized programs, and market mechanisms. A robust renewable energy sector depends on a safe supply chain and a variety of energy storage solutions. Moreover, the Germany market for energy storage highlights the growing opportunities on the European continent, which boosts the market expansion.
Top 10 Energy Storage Trends
- Lithium-Ion Battery Dominance
- Solid-State Battery Innovation
- Grid-Scale Storage Expansion
- AI-Enabled Energy Management
- Second-Life Battery Repurposing
- Decentralized Microgrid Adoption
- Hybrid Storage Systems (Gravity + Battery)
- EV Charging Infrastructure Integration
- Smart Grid and V2G (Vehicle-to-Grid) Solutions
- Thermal and Compressed Air Storage Growth
1. Lithium-Ion Battery Dominance
The foundation of energy storage is still lithium-ion batteries, whose cost is expected to fall below $115/kWh by 2024. Both domestic and utility-scale applications benefit greatly from their high energy density and scalability.
2. Solid-State Battery Innovation
Longer lifespans, quicker charging, and enhanced safety are all benefits of solid-state batteries. Businesses like LG Chem and CATL are making significant investments to commercialize this cutting-edge technology.
3. Grid-Scale Storage Expansion
There is a global surge in utility-scale projects, particularly in Saudi Arabia, the United States, and China. The integration of renewable energy sources, load balancing, and peak shaving is all supported by these systems.
4. AI-Enabled Energy Management
Battery performance optimization, failure prediction, and energy forecasting are all being improved by AI and machine learning. Energy storage and distribution are being revolutionized by this trend.
5. Hybrid Storage Systems (Gravity + Battery)
As a long-term energy storage option, hydrogen is being investigated more and more, especially for grid-scale applications. For backup power and seasonal balance, hydrogen is perfect since it can store energy for weeks or even months, unlike batteries.
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Stay informed with the latest industry insights and market trends to identify new opportunities and drive growth in the Energy Storage market. To explore more in-depth trends, insights, and forecasts, please refer to our detailed report.
Top 20 Companies Leading the Energy Storage Market
- Tesla Energy
- LG Energy Solution
- BYD Company Ltd.
- Fluence Energy
- Samsung SDI
- CATL (Contemporary Amperex Technology Co. Ltd.)
- Panasonic Corporation
- Siemens Energy
- AES Energy Storage
- Saft Batteries
- Sonnen
- NEC Energy Solutions
- Enphase Energy
- ESS Inc.
- Primus Power
- Redflow
- Stem, Inc.
- Eos Energy Enterprises
- Blue Planet Energy
- Pika Energy
1. Tesla Energy
Headquarters – USA
With its Powerwall, Powerpack, and Megapack systems, Tesla Energy has transformed energy storage, opening up new possibilities for utility-scale, commercial, and residential uses. With its ability to power thousands of households for hours on end, the Megapack is a crucial component of grid stability and renewable integration. Battery storage, solar power, and AI-powered energy management are all part of Tesla's vertically integrated strategy. With more than 14.7 GWh of battery storage installed in 2023, a 125% increase from the year before, Tesla generated $6.04 billion in revenue. Its solutions, which promote energy independence and decarbonization, are extensively used in California, Australia, and Europe. Tesla is positioned as a leading player in the shift to sustainable energy because of its advancements in lithium-ion technology, aggressive scaling, and global presence.
2. LG Energy Solution
Headquarters – USA
A division of LG Chem, LG Energy Solution is a world leader in the production of lithium-ion batteries for electric vehicles and energy storage devices. LG provides cutting-edge ESS solutions for grid-scale, commercial, and residential applications. The company has over 25,000 patents and 30 years of experience. The business operates in North America, Europe, and Asia-Pacific and collaborates with significant automakers and utilities such as GM, Hyundai, and Stellantis. Innovations in battery chemistry and recycling have resulted from LG's emphasis on sustainability, performance, and safety. By 2050, it hopes to have carbon-neutral operations, and it keeps growing its global presence through joint ventures and wise investments. LG is a key player in the energy revolution thanks to its scalable storage technologies, which provide backup power, peak load control, and renewable integration.
3. Fluence Energy
Headquarters – Seoul, South Korea
An industry leader in utility-scale energy storage technologies is Fluence Energy, a joint venture between Siemens and AES. More than 25 GW of AI-optimized renewables are managed by Fluence, which since its start in 2018 has installed more than 11.1 GW of energy storage across 47 markets. Its cloud-based software and flexible platforms allow for frequency management, grid modernization, and integration of renewable energy sources. Fluence serves utilities, developers, and commercial clients with systems that are built for flexibility, scalability, and quick implementation. The company's AI-powered optimization products save lifespan costs and improve asset performance. Fluence is a major force in North America, Europe, and Asia, and through innovation, dependability, and sustainability, it is influencing the direction of energy infrastructure.
4. CATL (Contemporary Amperex Technology Co. Ltd.)
Headquarters – China
Its headquarters in Ningde, China, CATL is the biggest producer of lithium-ion batteries worldwide, accounting for 37% of the global EV battery market as of 2023. It provides solutions for load balancing, frequency regulation, and renewable integration in its energy storage systems, which are used in commercial, residential, and industrial settings. The safety, durability, and affordability of CATL's lithium iron phosphate (LFP) technology are guaranteed. The company's dedication to sustainability is being strengthened by its expansion into recycling and second-life battery applications. Partnerships with Tesla, BMW, and other OEMs are part of CATL's global presence, and its solutions are used in Asia, Europe, and the Americas. CATL is a major force in the global advancement of clean energy storage thanks to its ongoing R&D and large manufacturing scale.
5. Panasonic Corporation
Headquarters – Osaka, Japan
Having pioneered battery technology, Panasonic provides energy storage devices for both home and business consumers. With its lithium-ion technologies, solar PV systems may be effortlessly integrated to provide smart energy control and dependable backup power. The EverVolt platform from Panasonic supports sustainability and grid independence by enabling users to store and manage energy effectively. The business's standing in the international market has been enhanced by its strategic alliances with Tesla and other OEMs. Panasonic has a strong emphasis on robustness, safety, and intuitive design, which makes its solutions perfect for remote installations, residences, and workplaces. Panasonic has a long history of invention and a dedication to clean energy, and it is still at the forefront of creating high-performance storage technologies that help the world transition to renewable energy.
Are you ready to discover more about the Energy Storage market?
The report provides an in-depth analysis of the leading companies operating in the global Energy Storage market. It includes a comparative assessment based on their product portfolios, business overviews, geographical footprint, strategic initiatives, market segment share, and SWOT analysis. Each company is profiled using a standardized format that includes:
Company Profiles
- Tesla Energy
- Business Overview
- Company Snapshot
- Products Overview
- Company Market Share Analysis
- Company Coverage Portfolio
- Financial Analysis
- Recent Developments
- Merger and Acquisitions
- SWOT Analysis
- LG Energy Solution
- BYD Company Ltd.
- Fluence Energy
- Samsung SDI
- CATL (Contemporary Amperex Technology Co. Ltd.)
- Panasonic Corporation
- Siemens Energy
- AES Energy Storage
- Others
Conclusion
The global market for energy storage is quickly evolving into a vital component of the shift to sustainable energy. This market growth is propelled by the increasing use of renewable energy, transportation electrification, and grid modernization, which provides unheard-of flexibility in balancing energy supply and demand. Advances in battery chemistry, artificial intelligence integration, and new long-duration technologies such as flow and hydrogen batteries are driving the market toward greater energy resilience and decarbonization. Asia Pacific experience caters to the significant demand, also Europe is leading the way in growth at a rapid pace. Energy storage has the potential to completely change how power is produced, consumed, and managed globally as businesses expand and international investors flood in.
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