1 Executive Summary
2 Introduction
2.1 Definition 14
2.2 Scope Of The Study 14
2.3 Assumptions 14
2.4 Market Structure 15
3 Research Methodology
3.1 Research Process 16
3.2 Primary Research 17
3.3 Secondary Research 17
3.4 Market Size Estimation 17
3.5 Forecast Model 19
4 Market Dynamics
4.1 Drivers 21
4.1.1 Evolution In Renewable Energy Power Generation 21
4.1.2 Gradual Downfall In Technology Cost 21
4.1.3 Increasing Application Of Energy Storage In All End-User Industries 21
4.2 Growth Drivers: Impact Analysis 22
4.3 Restraints 22
4.3.1 High Initial Capital Investment 22
4.3.2 Indistinct Supervisory Framework 22
4.4 Growth Barriers: Impact Analysis 23
4.5 Opportunity 23
4.5.1 Investment In Energy Storage Systems With Grid Expansion 23
4.5.2 Wide Scope Of Development In End-User Sectors 23
5 Market Factor Analysis
5.1 Porter’s 5 Forces Analysis 24
5.1.1 Threat Of New Entrants 25
5.1.2 Bargaining Power Of Suppliers 25
5.1.3 Threat Of Substitutes 25
5.1.4 Bargaining Power Of Buyers 25
5.1.5 Segment Rivalry 25
5.2 Value Chain Analysis 25
6 Global Energy Storage Market, By Type
6.1 Introduction 29
6.2 Mechanical 29
6.2.1 Pumped Hydro Storage (PSH) 29
6.2.2 Compressed Air Energy Storage (CAES) 29
6.2.3 Liquid Air Energy Storage (LAES) 30
6.2.4 Others 30
6.3 Thermal Storage 30
6.3.1 Introduction 30
6.3.2 Pumped Heat Electrical Storage (PHES) 30
6.3.3 Molten Salt 31
6.4 Electro-Chemical 31
6.4.1 Introduction 31
6.4.2 Lithium Ion (Li-Ion) Battery 31
6.4.3 Sodium Sulphur (Naps) Battery 31
6.4.4 Lead Acid Battery 32
6.5 Chemical Energy Storage 32
6.5.1 Introduction 32
6.5.2 Hydrogen Storage 32
6.5.3 Power-To-Gas 32
7 Global Energy Storage Market, By End-User
7.1 Introduction 37
7.2 Utility 38
7.3 Commercial & Industrial 39
7.4 Residential 39
8 Energy Storage Market, By Region
8.1 Introduction 41
8.2 Asia-Pacific 42
8.2.1 China 44
8.2.2 Japan 46
8.2.3 India 48
8.2.4 South Korea 50
8.2.5 Rest Of Asia-Pacific 51
8.3 Europe 53
8.3.1 Germany 55
8.3.2 Switzerland 57
8.3.3 U.K. 58
8.3.4 Portugal 60
8.3.5 Rest Of Europe 61
8.4 North America 63
8.4.1 U.S. 65
8.4.2 Canada 67
8.5 Rest Of The World 69
8.5.1 Middle East 71
8.5.2 Africa 73
8.5.3 Latin America 74
9 Company Profiles
9.1 Competitive Scenario 76
9.1.1 Competitive Landscape 76
9.1.2 Partnerships And Collaborations. 77
9.1.3 New Product Development. 78
9.1.4 Expansions 79
9.2 AES Corporation 80
9.2.1 Company Overview 80
9.2.2 Product/Service Offering 80
9.2.3 Financial Overview 81
9.2.4 Strategy 82
9.3 Tesla Inc. 84
9.3.1 Company Overview 84
9.3.2 Product/Service Offering 84
9.3.3 Financial Overview 84
9.3.4 Strategy 85
9.4 General Electric Company 87
9.4.1 Company Overview 87
9.4.2 Product/Service Offering 87
9.4.3 Financial Overview 88
9.4.4 Strategy 88
9.5 Voith GmbH, 90
9.5.1 Company Overview 90
9.5.2 Product/Service Offering 90
9.5.3 Financial Overview 90
9.5.4 Strategy 91
9.6 Sulzer Ltd. 93
9.6.1 Company Overview 93
9.6.2 Product/Service Offering 93
9.6.3 Strategy 94
9.7 Hydrostor Inc. 96
9.7.1 Company Overview 96
9.7.2 Financial Overview 96
9.7.3 Product/Service Offering 96
9.7.4 Strategy 96
9.8 Highview Power Storage 97
9.8.1 Company Overview 97
9.8.2 Financial Overview 97
9.8.3 Product/Service Offering 97
9.8.4 Strategy 97
9.9 Linde AG 98
9.9.1 Company Overview 98
9.9.2 Financial Overview 98
9.9.3 Product/Service Offering 99
9.9.4 Strategy 99
9.10 Hydrogenics Corporation 100
9.10.1 Company Overview 100
9.10.2 Financial Overview 100
9.10.3 Service Offering 101
9.10.4 Strategy 102
9.11 SolarReserve, LLC. 104
9.11.1 Company Overview 104
9.11.2 Financial Overview 104
9.11.3 Product/Service Offering 104
9.11.4 Strategy 104
10 List Of Tables
TABLE 1 MARKET SYNOPSIS 13
TABLE 2 GROWTH DRIVERS: IMPACT ANALYSIS 22
TABLE 3 GROWTH BARRIERS: IMPACT ANALYSIS 23
TABLE 4 GLOBAL ENERGY STORAGE MARKET, BY TYPE, 2024-2030 (USD MILLION) 33
TABLE 5 MECHANICAL: GLOBAL ENERGY STORAGE MARKET, BY SUB-TYPE, 2024-2030 (USD MILLION) 34
TABLE 6 ELECTRO-CHEMICAL: GLOBAL ENERGY STORAGE MARKET, BY TYPE, 2024-2030 (USD MILLION) 34
TABLE 7 THERMAL STORAGE: GLOBAL ENERGY STORAGE MARKET, BY TYPE, 2024-2030 (USD MILLION) 35
TABLE 8 CHEMICAL ENERGY STORAGE: GLOBAL ENERGY STORAGE MARKET, BY TYPE, 2024-2030 (USD MILLION) 35
TABLE 9 GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2024-2030 (USD MILLION) 38
TABLE 10 ASIA-PACIFIC: GLOBAL ENERGY STORAGE MARKET, BY COUNTRY, 2024-2030 (USD MILLION) 43
TABLE 11 ASIA-PACIFIC: GLOBAL ENERGY STORAGE MARKET, BY TYPE, 2024-2030 (USD MILLION) 43
TABLE 12 ASIA-PACIFIC: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2024-2030 (USD MILLION) 44
TABLE 13 CHINA: GLOBAL ENERGY STORAGE MARKET, BY TYPE, 2024-2030 (USD MILLION) 45
TABLE 14 CHINA: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2024-2030 (USD MILLION) 46
TABLE 15 JAPAN: GLOBAL ENERGY STORAGE MARKET, BY TYPE, 2024-2030 (USD MILLION) 46
TABLE 16 JAPAN: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2024-2030 (USD MILLION) 47
TABLE 17 INDIA: GLOBAL ENERGY STORAGE MARKET, BY TYPE, 2024-2030 (USD MILLION) 48
TABLE 18 INDIA: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2024-2030 (USD MILLION) 49
TABLE 19 SOUTH KOREA: GLOBAL ENERGY STORAGE MARKET, BY TYPE, 2024-2030 (USD MILLION) 50
TABLE 20 SOUTH KOREA: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2024-2030 (USD MILLION) 51
TABLE 21 REST OF ASIA-PACIFIC: GLOBAL ENERGY STORAGE MARKET, BY TYPE, 2024-2030 (USD MILLION) 51
TABLE 22 REST OF ASIA-PACIFIC: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2024-2030 (USD MILLION) 52
TABLE 23 EUROPE: GLOBAL ENERGY STORAGE MARKET, BY COUNTRY, 2024-2030 (USD MILLION) 53
TABLE 24 EUROPE: GLOBAL ENERGY STORAGE MARKET, BY TYPE, 2024-2030 (USD MILLION) 54
TABLE 25 EUROPE: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2024-2030 (USD MILLION) 55
TABLE 26 GERMANY: GLOBAL ENERGY STORAGE MARKET, BY TYPE, 2024-2030 (USD MILLION) 55
TABLE 27 GERMANY: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2024-2030 (USD MILLION) 56
TABLE 28 SWITZERLAND: GLOBAL ENERGY STORAGE MARKET, BY TYPE, 2024-2030 (USD MILLION) 57
TABLE 29 SWITZERLAND: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2024-2030 (USD MILLION) 58
TABLE 30 U.K.: GLOBAL ENERGY STORAGE MARKET, BY TYPE, 2024-2030 (USD MILLION) 58
TABLE 31 U.K.: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2024-2030 (USD MILLION) 59
TABLE 32 PORTUGAL: GLOBAL ENERGY STORAGE MARKET, BY TYPE, 2024-2030 (USD MILLION) 60
TABLE 33 PORTUGAL: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2024-2030 (USD MILLION) 61
TABLE 34 REST OF EUROPE: GLOBAL ENERGY STORAGE MARKET, BY TYPE, 2024-2030 (USD MILLION) 61
TABLE 35 REST OF EUROPE: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2024-2030 (USD MILLION) 62
TABLE 36 NORTH AMERICA: GLOBAL ENERGY STORAGE MARKET, BY COUNTRY, 2024-2030 (USD MILLION) 63
TABLE 37 NORTH AMERICA: GLOBAL ENERGY STORAGE MARKET, BY TYPE, 2024-2030 (USD MILLION) 64
TABLE 38 NORTH AMERICA: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2024-2030 (USD MILLION) 65
TABLE 39 U.S.: GLOBAL ENERGY STORAGE MARKET, BY TYPE, 2024-2030 (USD MILLION) 65
TABLE 40 U.S.: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2024-2030 (USD MILLION) 66
TABLE 41 CANADA: GLOBAL ENERGY STORAGE MARKET, BY TYPE, 2024-2030 (USD MILLION) 67
TABLE 42 CANADA: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2024-2030 (USD MILLION) 68
TABLE 43 REST OF THE WORLD: GLOBAL ENERGY STORAGE MARKET, BY REGION, 2024-2030 (USD MILLION) 69
TABLE 44 REST OF THE WORLD: GLOBAL ENERGY STORAGE MARKET, BY TYPE, 2024-2030 (USD MILLION) 70
TABLE 45 REST OF THE WORLD: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2024-2030 (USD MILLION) 71
TABLE 46 MIDDLE EAST: GLOBAL ENERGY STORAGE MARKET, BY TYPE, 2024-2030 (USD MILLION) 71
TABLE 47 MIDDLE EAST: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2024-2030 (USD MILLION) 72
TABLE 48 AFRICA: GLOBAL ENERGY STORAGE MARKET, BY TYPE, 2024-2030 (USD MILLION) 73
TABLE 49 AFRICA: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2024-2030 (USD MILLION) 74
TABLE 50 LATIN AMERICA: GLOBAL ENERGY STORAGE MARKET, BY TYPE, 2024-2030 (USD MILLION) 74
TABLE 51 LATIN AMERICA: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2024-2030 (USD MILLION) 75
11 List Of Figures
FIGURE 1 RESEARCH PROCESS OF MRFR 16
FIGURE 2 TOP DOWN & BOTTOM UP APPROACH 18
FIGURE 3 FORECAST MODEL FOR ENERGY STORAGE MARKET 19
FIGURE 4 DRIVERS, RESTRAINTS, AND OPPORTUNITIES OF GLOBAL ENERGY STORAGE MARKET 20
FIGURE 5 PORTER'S 5 FORCES ANALYSIS OF GLOBAL ENERGY STORAGE MARKET 24
FIGURE 6 GLOBAL ENERGY STORAGE MARKET, BY TYPE, 2022(%) 33
FIGURE 7 GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2022(%) 37
FIGURE 8 GLOBAL ENERGY STORAGE MARKET, BY REGION, 2024-2030 (USD MILLION) 41
FIGURE 9 GLOBAL ENERGY STORAGE MARKET, BY REGION, 2024-2030 (USD MILLION) 42
FIGURE 10 ASIA-PACIFIC: GLOBAL ENERGY STORAGE MARKET SHARE, BY COUNTRY, 2016 (% SHARE) 42
FIGURE 11 ASIA-PACIFIC: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2022(%) 44
FIGURE 12 CHINA: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2022(%) 45
FIGURE 13 JAPAN: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2022(%) 47
FIGURE 14 INDIA: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2022(%) 49
FIGURE 15 SOUTH KOREA GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2022(%) 50
FIGURE 16 REST OF ASIA-PACIFIC: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2022(%) 52
FIGURE 17 EUROPE: GLOBAL ENERGY STORAGE MARKET SHARE, BY COUNTRY, 2016 (% SHARE) 53
FIGURE 18 EUROPE: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2022(%) 54
FIGURE 19 GERMANY: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2022(%) 56
FIGURE 20 SWITZERLAND: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2022(%) 57
FIGURE 21 U.K.:GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2022(%) 59
FIGURE 22 PORTUGAL: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2022(%) 60
FIGURE 23 REST OF EUROPE: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2022(%) 62
FIGURE 24 NORTH AMERICA: GLOBAL ENERGY STORAGE MARKET SHARE, BY COUNTRY, 2016 (% SHARE) 63
FIGURE 25 NORTH AMERICA: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2022(%) 64
FIGURE 26 U.S.: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2022(%) 66
FIGURE 27 CANADA: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2022(%) 67
FIGURE 28 REST OF THE WORLD: GLOBAL ENERGY STORAGE MARKET SHARE, BY COUNTRY, 2016 (% SHARE) 69
FIGURE 29 REST OF THE WORLD: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2022(%) 70
FIGURE 30 MIDDLE EAST: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2022(%) 72
FIGURE 31 AFRICA: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2022(%) 73
FIGURE 32 LATIN AMERICA: GLOBAL ENERGY STORAGE MARKET, BY END-USER, 2022(%) 75
FIGURE 33 GROWTH STRATEGIES ADOPTED BY KEY PLAYERS IN GLOBAL ENERGY STORAGE MARKET, 2017-2020, (%) 76
FIGURE 34 PARTNERSHIPS AND COLLABORATIONS: % SHARE BY KEY PLAYERS, 2017-2020, (%) 77
FIGURE 35 NEW PRODUCT DEVELOPMENT: % SHARE BY KEY PLAYERS, 2017-2020, (%) 78
FIGURE 37 AES CORPORATION: TOTAL REVENUE 81
FIGURE 39 AES CORPORATION: KEY DEVELOPMENTS, 2024-2030 (%) 82
FIGURE 40 AES CORPORATION: SWOT ANALYSIS 83
FIGURE 41 TESLA INC.: TOTAL REVENUE VS SEGMENTAL REVENUE (ENERGY GENERATION AND STORAGE) 84
FIGURE 42 TESLA INC.: GEOGRAPHICAL REVENUE MIX, 2022(%) 85
FIGURE 44 GENERAL ELECTRIC COMPANY: TOTAL REVENUE VS SEGMENTAL REVENUE, 2024-2030 (USD MILLION) 88
FIGURE 45 GENERAL ELECTRIC COMPANY: SWOT ANALYSIS 89
FIGURE 46 VOITH GMBH: TOTAL REVENUE VS SEGMENTAL REVENUE (VOITH HYDRO) 90
FIGURE 48 VOITH GMBH: SWOT ANALYSIS 92
FIGURE 51 SULZER LTD.: SWOT ANALYSIS 95
FIGURE 52 LINDE AG : TOTAL REVENUES, 2024-2030 (USD MILLION) 98
FIGURE 54 HYDROGENICS CORPORATION: TOTAL REVENUE, 2024-2030 (USD MILLION) 100
FIGURE 55 HYDROGENICS CORPORATION: GEOGRAPHICAL REVENUE MIX, 2022(%) 101
FIGURE 56 HYDROGENICS CORPORATION: KEY DEVELOPMENTS, 2024-2030 (%) 102
FIGURE 57 HYDROGENICS CORPORATION: SWOT ANALYSIS 103