Advanced Energy Storage Systems Market To Reach $31.96 Billion By 2030

Advanced Energy Storage Systems Market Growth & Trends

The global advanced energy storage systems market size is estimated to reach USD 31.96 billion by 2030, registering to grow at a CAGR of 9.8% from 2024 to 2030 according to a new report by Grand View Research, Inc. Increasing demand for utility-scale power generation particularly during peak hours is expected to augment demand for advanced energy storage systems. Advanced energy storage systems efficiently manage energy resources thereby reducing the need for utility-scale power generation plants. The above factor significantly helps in reducing fixed cost and is expected to play a key role in market growth over the forecast period.

Stringent regulatory framework governing the use of fossil fuels for power generation is also expected to act as a major driver for advanced energy storage systems market growth. Power plants generate significant quantities of GHG such as CO₂, which can be overcome through the efficient use of advanced energy storage systems. These systems store energy when generated and are capable of providing back up power in times of excess power demand (peak hours).

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Advanced Energy Storage Systems Market Report Highlights

• Thermal accounted for the largest revenue share of 63.4% in 2023.

• Transportation dominated the market with the largest revenue share in 2023. This dominance is primarily driven by the rapid adoption of electric vehicles (EVs) and the increasing need for efficient energy storage solutions to support their operation.

• The commercial segment dominated the market with the largest revenue share in 2023.

• North America advanced storage systems market accounted for the largest revenue share of 32.4% in 2023.

Advanced Energy Storage Systems Market Segmentation

Grand View Research has segmented the global advanced energy storage systems market based on technology, application, end-use, and region:

Advanced Energy Storage Systems Technology Outlook (Capacity, Mega Watt; Revenue, USD Million, 2018 - 2030)

• Batteries

• Flywheel

• Thermal

• Molten Salt

• Compressed Air

Advanced Energy Storage Systems Application Outlook (Capacity, Mega Watt; Revenue, USD Million, 2018 - 2030)

• Transportation

• Grid Storage

Advanced Energy Storage Systems End-use Outlook (Capacity, Mega Watt; Revenue, USD Million, 2018 - 2030)

• Residential

• Industrial

• Commercial

• Utility

Advanced Energy Storage Systems Regional Outlook (Capacity, Mega Watt; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • Russia

  • Netherlands

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Indonesia

  • Malaysia

  • Thailand

• Latin America

  • Brazil

  • Argentina

• Middle East and Africa (MEA)

  • Saudi Arabia

  • South Africa

  • UAE

List of Key Players in Advanced Energy Storage Systems Market

• Siemens Ltd.

• Toshiba Corporation

• Tesla Inc.

• General Electric Company

• CALMAC

• ABB Ltd.

• GS Yuasa

• Samsung SDI Co. Ltd

• Tata Power

• SK Holdings