Global Renewable Energy Storage Market: Growth and Key

The Global Renewable Energy Storage Market was valued at USD 949.9 million in 2023 and is expected to reach USD 2,253.0 million

The global renewable energy storage market was valued at USD 949.9 million in 2023 and is projected to reach USD 2,253.0 million by 2031, growing at a CAGR of 11.4% during 2024-2031.

Market overview
Advanced energy storage technologies are essential to increase grid resilience, stability and reliability. They provide essential network services such as frequency control, voltage support, peak suppression, load shifting and backup power, which accelerate the market growth. The global transition towards sustainable energy and decarbonization is a significant driver of renewable energy storage. Industry, utilities and governments around the world are setting ambitious goals to increase the share of renewable energy, reduce greenhouse gas emissions and phase out fossil fuels. Energy storage plays a key role in achieving sustainable development goals by enabling the efficient integration of renewable energy sources.

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Market dynamics
Integration of Renewable Energy Sources
Renewable energy sources such as solar and wind energy are intermittent and their production depends on weather and time of day. Energy storage technologies alleviate this intermittency by storing excess electricity during periods of high generation and releasing it when demand exceeds supply. This capability increases the reliability and stability of renewable energy systems, making them more profitable and attractive to end users and grid operators.
Energy storage systems also help maintain grid stability, reduce peak loads, and optimize energy supply and consumption patterns. They enable the most efficient use of renewable energy sources by storing surplus energy in periods of high generation and using it in periods of low renewable production or high demand. This maximizes the use of clean, renewable energy without relying on fossil fuel-based backup power.

Segment analysis
Dominance of solar energy
Based on type, the renewable energy storage market is segmented into wind energy, hydropower, solar energy, bioenergy and others. Due to the global increase in the number of photovoltaic installations, solar energy dominates. Energy storage technologies are essential for managing intermittent solar energy, storing excess energy, and maintaining grid stability. Energy storage systems complement solar energy by providing grid flexibility and stability, managing peak loads, balancing supply and demand, and limiting the curtailment of excess solar energy.
Technological advances and cost reductions in energy storage, especially lithium-ion batteries, are making solar integration more feasible and economical. Major players continue to launch new products and expand their capabilities to drive market growth. For example, on January 11, 2024, First Solar Inc. launched a 3.3 GW production facility in India, increasing its capacity to produce photovoltaic (PV) modules optimized for the Indian market.

Geographic penetration
Europe
Europe dominates the renewable energy storage market due to strict renewable energy regulations and ambitious targets for energy independence, renewable energy use and greenhouse gas emissions reduction. Programs such as the Renewable Energy Directive and the European Green Deal encourage investment in renewable energy storage, which is key to the energy transition.
Europe has made significant progress in integrating renewable energy sources such as hydropower and wind into its energy mix. Energy storage systems are essential for managing intermittent supplies of renewable energy, maintaining grid stability and optimizing energy consumption. European countries are leading the way in implementing advanced energy storage technologies and solutions, supported by financial incentives and research and development programs.

The major global players in the market are:
• Delta Electronics, Inc.
• General Electric Company
• Hitachi, Ltd.
• Siemens Energy
• Tesla, Inc.
• Toshiba Corporation
• Trina Solar Co., Ltd.
• ABB Ltd.
• EVLO Energy Storage Inc.
• NEC Corporation

Key events
March 19, 2024: Goodenough Energy has launched India’s first battery storage gigafactory in Jammu and Kashmir, targeting a capacity of 20 GWh by 2027 to support India’s target of 500 GW of renewable capacity by 2031.
September 14, 2023: Hithium has launched a 5 MWh energy storage solution using 314 Ah lithium iron phosphate (LFP) cells.
January 11, 2024: Plus Power announced the Kapolei energy storage facility in Oahu, Hawaii, which will use 158 Tesla Megapack 2 XL lithium iron phosphate batteries to support the transition from coal and oil to solar and wind energy.

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