Energy Storage Market: Current Analysis and Forecast (2021-2027)


Emphasis on Type [Mechanical (Pumped Hydro Storage, Liquid Air Energy Storage, Compressed Air Storage, Other); Electrochemical (Lithium Battery, Lead-Acid Battery, Sodium-Sulfur Battery, Others), Thermal, Chemical]; Region/Country









Report ID:



  Get a Free Sample
SKU: UMEP21593 Categories: ,
Report Description
Table of content
Research Methodology

Report Description

Global Energy Storage Market is anticipated to showcase robust growth over the forecast period (2021-2027). Trends are shifting towards producing energy form renewable power sources to reduce carbon emissions and new technologies are being invented to store energy in any alternate form and use it when required. Such systems are divided mainly into mechanical, electrochemical, chemical, and thermal energy storage systems. Furthermore, surging demand for electric vehicles leading to increased adoption of energy storage systems in transportation sector would fuel the growth of energy storage devices. Players in the market have huge opportunity to grow as conventional energy resources emit huge carbon particles. Unconventional sources of energy like solar energy produces energy during daytime and in case of wind turbine energy is produced when high pressure winds blow. If the energy produced is not consumed at the time of production, then it gets exhausted.

Therefore, to make renewable energy more viable energy storage systems are installed in order to store energy during low demand and consume during peak time. Thus, surging demand of energy from green energy sources would boost the energy storage.  However, high overall cost of energy storage systems would hamper the market growth.

Some of the major players operating in the market include Contemporary Amperex Technology Co. Limited, Convergent Energy and Power LP, Duke Energy Corporation, Fluence Energy LLC, General Electric Company, Hitachi Chemical Co. Limited, NextEra Energy Inc., NEC Energy Solutions Inc., S&C Electric Company, Tesla Inc. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.

Insights Presented in the Report

“Amongst Type, mechanical energy storage systems held lucrative market share.”

Based on type, energy storage market is divided into mechanical, electrochemical, thermal, and chemical storage systems. Among all, mechanical storage methods hold a lucrative market share this is due to the presence of a considerable number of pumped hydro storage systems using water reservoirs. Further, compressed air energy storage is also a type of mechanical storage system and accounts for considerable market share for energy storage systems. It stores compressed air when surplus energy is produced from wind turbines and there is less energy consumption. Compressed air energy storage involves converting electrical energy into high-pressure compressed air that can be released at a later time to drive a turbine generator to produce electricity.

“Asia Pacific represents lucrative market share in the Global Energy Storage Market.”

For a better understanding of the market adoption of energy storage, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia Pacific is expected to grow at an influential rate in the market of energy storage during the forecast period. This can be attributed to the rising demand of electric vehicles. Region is highly focusing and investing in advancements in compressed air and pumped hydro storage systems. For instance, The Australian Renewable Energy Agency (ARENA) provided USD 449,000 to support a broader study, which aims to develop a nation-wide atlas of potential off-river pumped hydro storage sites. Furthermore, Indian government aims to install 60 GW of wind energy by 2022, therefore, installation of wind turbines would lead to rise in demand for compressed air energy storage systems, thereby increasing the market size for energy storage systems.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  • The study comprehensively covers the market across different segments
  • Deep dive regional & country-level analysis of the industry

Customization Options:

The global energy storage market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

You can also purchase parts of this report. Do you want to check out a section wise
price list?

1.1.Market Definitions
1.3.Stake Holders
1.4.Currency used in Report
2.1.Research Process of the Energy Storage Market
2.2.Research Methodology of the Energy Storage Market
2.3.Forecasting Method
2.4.Respondent Profile
2.5.Main Objective of the Energy Storage Market Study


 7.1.1.Pumped hydro storage (PHS)
 7.1.2.Liquid air energy storage (LAES)
 7.1.3.Compressed air energy storage (CAES)
 7.2.1.Lithium battery
 7.2.2.Lead–acid battery
 7.2.3.Sodium–sulfur battery
8.1.North America Energy Storage Market 
 8.1.1.United States
 8.1.3.Rest of North America
8.2.Europe Energy Storage Market 
 8.2.3.United Kingdom
 8.2.6.Rest of Europe
8.3.Asia Pacific Energy Storage Market
 8.3.5.Rest of Asia Pacific
8.4.Rest of World Energy Storage Market
9.1.Market Drivers
9.2.Market Challenges
9.3.Impact Analysis
13.1.Demand Side Analysis
13.2.Supply Side Analysis
 13.2.1.Top Product Launches
 13.2.2.Top Business Partnerships
 13.2.3.Top Business Expansions, Investments and Divestitures
 13.2.4.Top Merger and Acquisitions
15.1.Porter’s Five Forces Analysis
 15.1.1.Bargaining power of Supplier
 15.1.2.Bargaining power of Buyer
 15.1.3.Industry Rivalry
 15.1.4.Availability of Substitute
 15.1.5.Threat of new Entrants
16.1.Contemporary Amperex Technology Co. Limited
16.2.Convergent Energy and Power LP
16.3.Duke Energy Corporation
16.4.Fluence Energy LLC
16.5.General Electric Company
16.6.Hitachi Chemical Co. Limited
16.7.NextEra Energy Inc
16.8.NEC Energy Solutions Inc.
16.9.S&C Electric Company
16.10.Tesla Inc.

Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future of global energy storage were the three major steps undertaken to create and analyze the adoption of energy storage across various segments in North America, Europe, Asia Pacific, & Rest of the world. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the energy storage sector. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the energy storage through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the energy storage market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segment included in the report is type. Further regional & country-level analyses were conducted to evaluate the overall adoption of energy storage in the global context.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of energy storage. Further, we conducted factor analysis using dependent and independent variables like rising energy demand. Historical trends and their year-on-year impact on the market size and share in the recent past were analyzed. Demand and supply side scenario was also thoroughly studied.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global energy storage market, and market shares of the segments. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of value (US$) and the adoption rate of energy storage across the major markets
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the energy storage market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

 Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global energy storage market. Data was split into several segments & sub-segments post studying various parameters and trends in the area of type.

The main objective of the Energy Storage Market Study

The current & future market trends of energy storage were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends determine the overall attractiveness of the market at a global & country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of energy storage in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
  • Segments in the study include area of
  • Defined analysis of the regulatory framework for the global energy storage industry
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
  • Analyze the current and forecast market size of the energy storage for the major regions & countries
  • Major regions studied in the report include North America, Europe, Asia Pacific, and Rest of World
  • Company profiles of the energy storage market players and the growth strategies adopted by them to sustain in the fast-growing market

Deep dive regional & country level analysis of the industry