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Energy Storage Market is expected to reach USD 100.35 billion by 2032. The industry is undergoing a transformation driven by increasing demand for durable, high-performance industrial components across various sectors.
Market to Hit USD 100.35 Bn by 2032
Energy Storage Market was valued at USD 24.95 billion in 2024 and expected to expand at a compound annual growth rate (CAGR) of 19% from 2025-2032, reaching USD 100.35 billion by 2032. In North America Energy Storage Market was valued at approximately USD 59 billion in 2024. North America is about 44.3% of market share. companies combined collectively contribute to more than 60% of the U.S. energy storage market. This highlights their dominant position in the U.S. sector. In Europe energy storage market reached an approximate value of $39.38 billion in 2024 with a market share of 27%. Greenko Energies Pvt Ltd (India) leading with 12% of market share in 2023-24.
Leading market Players Fueling Industry Evolution
In the energy storage market of 2024, key players such as Greenko Energies Pvt Ltd (India), ABB Ltd. (Switzerland), and Eos Energy Storage (United States) hold significant market shares. Greenko Energies Pvt Ltd commands a market share of approximately 12%. ABB Ltd., a global leader in grid automation and power transmission, holds about 10% of the market. Finally, Eos Energy Storage, which specializes in advanced zinc-based energy storage systems, holds a market share of around 6%.
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Batteries are dominated the largest by Technology segment in the overall Energy Storage Market in terms of value, in 2024
The Batteries market was dominated by technology segment in 2024. This market segment has dominated the market share of 83.2% in 2024. This segment’s strong performance is attributed to advancements in battery technologies, such as lithium-ion and solid-state batteries, which are increasingly in demand for applications in electric vehicles, renewable energy storage, and consumer electronics. Batteries are a critical component in energy storage systems, accounting for roughly 60% of the system’s total cost.
Utility is dominated the largest by End-User segment in the overall Energy Storage Market in terms of value, in 2024
In 2024, the Utility sector was the largest end-user segment in Energy Storage Market. Given the Utility sector’s leading position, accounting for approximately 37% of the market share in 2024. This dominance is primarily driven by utilities’ need to stabilize the grid, manage peak loads, and integrate renewable energy sources effectively.
North America is estimated to be the second-largest dominating the Energy Storage Market in terms of value, during the forecast period
the second-largest dominant region in the Energy Storage Market. In 2024, The North American Energy Storage market was valued at approximately 59 billion holding a market share of 44.3%. This North America region is expected to witness noteworthy growth at a CAGR of 16.8% during the forecast period. The United States, in particular, played a pivotal role, with states like California and Texas leading in the deployment of large-scale battery storage systems.
Asia Pacific is estimated to be the largest dominating the Energy Storage Market in terms of value, during the forecast period
This is the dominant region in the Energy Storage Market holding a market share of 48% in 2024. There are two primary types of electricity grids in the region, each with its own set of characteristics and potential for energy storage systems. On one hand, highly industrialized countries such as Japan, South Korea, New Zealand, and Australia, as well as other large cities, have advanced grids that work dependably and employ cutting-edge technology.
Energy Storage Market Competitive Landscape
Greenko Energies Pvt Ltd (India): The company has a 12% market share due to the fact to its diverse array of energy storage technologies, which includes wind, solar, and hydropower. The company’s considerable presence in India’s renewable energy industry, as well as its rising capacity of over 5.5 GW across different energy storage technologies, contribute to this market share. The company achieved significant revenue growth in its various energy areas, with wind energy revenues increasing by 32.3% over the previous year, solar energy revenues increasing by 3.8%, and hydropower revenues extending by 26.2%.
ABB Ltd. (Switzerland): It has a market share of around 10% thanks to its experience in grid automation, power transmission, and energy storage technologies. ABB’s significant focus on large-scale energy storage solutions and grid integration has propelled it to the forefront of the worldwide market. ABB’s total orders for fiscal year 2024 totaled $33.7 billion, with revenue of $32.9 billion, a 2% year-over-year increase.
Eos Energy Enterprises: The company met its raised revenue projection for the full year 2024, which totaled $15 million. Eos forecasts a significant revenue gain for 2025, with estimates ranging from $150 million to $190 million, reflecting at least a tenfold increase over 2024. Eos opened Factory 2, with eight states responding to Requests for Proposals and various sites being shortlisted, showing progress toward scaling production capacity to meet rising demand.
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Emerging Trends in the Energy Storage Market
- These companies are capitalizing on the current trends in the energy storage market to strengthen their positions. Greenko is at the forefront of integrating renewable energy sources with energy storage systems in India, with an emphasis on sustainability and green hydrogen.
- ABB is pushing innovation by developing hybrid storage systems, integrating AI, and improving energy storage for electric vehicles.
- Meanwhile, Eos Energy is transforming the market with its low-cost zinc-based batteries, long-term storage capabilities, and strategic alliances to further its technology. These rising trends point to a promising future for these enterprises as they contribute to the global energy transformation.
Conclusion
- In conclusion, the Energy Storage Market is on track to reach USD 100.35 billion by 2032, growing at a CAGR of 19% from 2025 to 2032.
- Asia Pacific is the largest dominating region, holding a 48% market share in 2024, primarily driven by China’s significant investments in energy storage technologies. North America follows with a 44.3% market share, valued at approximately USD 59 billion in 2024. Europe holds 27% market share with a value of USD 39.38 billion.
- Key players like Greenko Energies (12% market share), ABB Ltd. (10%), and Eos Energy (6%) are driving the market’s evolution. Greenko’s renewable energy integration, ABB’s advancements in grid automation, and Eos’s cost-effective zinc-based energy storage systems are all pivotal in shaping the market’s future. These companies are positioned to lead the energy storage sector as global demand for sustainable solutions continues to rise.
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