Energy Storage System Market Updates

Global Energy Storage System Market size was valued at USD 246.4 Billion in 2023 and is poised to grow from USD 267.0 Billion in 2024 to USD 564.9 Billion by 2032, growing at a CAGR of 9.8% during the forecast period (2025-2032).

The energy storage system market is experiencing a dynamic change in its competitive dynamics, fueled by innovation and strategic partnerships. One such example is the partnership between ABB and Gravitricity, where both firms are combining their strengths to bring to market GraviStore, a state-of-the-art gravity-based energy storage technology using abandoned mine shafts and hoist technology. This collaboration is part of a larger trend in the market whereby traditional industrial participants are coming together with innovative new companies to diversify energy storage technologies, deploy them more rapidly, and leverage underused infrastructure for sustainable, scalable energy storage solutions. 'ABB Ltd', 'CATL', 'Panasonic Energy', 'LG Energy Solution', 'Samsung SDI', 'BYD Energy', 'Tesla, Inc.', 'Wärtsilä', 'Canadian Solar', 'Siemens Energy', 'Hitachi Energy', 'Toshiba Corporation', 'EnerSys', 'Jinko ESS', 'Trina Storage', 'Leclanché Energy Storage Solutions', 'Fluence Energy (A Siemens and AES Company)', 'Saft (TotalEnergies)', 'Sungrow Power Supply Co.', 'Tata Power Limited'

The rapid growth of renewable energy sources, especially solar and wind power, is creating a pressing need for energy storage systems to buffer intermittency. As per IRENA, the global capacity of renewables amounted to 3,870 GW in 2023, while solar alone has added more than 295 GW. Such explosive growth puts the conventional grids in stress, needing flexible, dispatchable power in order to preserve stability. As a result, battery energy storage is becoming the central driver for round the clock integration.

What Makes Asia-Pacific a Leader in Energy Storage System?