Renewable Energy Storage Market Size, Share, By Technology (Wind, Hydropower, Solar, Bio Energy), By Technology (Pumped Hydroelectric Storage, Battery Energy Storage, Flywheel Energy Storage, Compressed Air Energy Storage, Thermal Energy Storage, Hydrogen Energy Storage), By Application (Residential, Commercial, Industrial), By Region- Trends, Analysis, and Forecast till 2034

Renewable Energy Storage Market was valued at USD 59.3 Billion in 2024 and is expected to reach USD 221.4 Billion by 2034 growing at a CAGR of 15.6%.

Renewable energy storage refers to the processes and technologies used to capture and store energy produced from renewable sources for later use. It represents a very significant issue that tries to help solve one of the major problems encountered with renewable sources: their intermittent nature.

Solar and wind are leading highly variable renewables— the sun does not always shine, and winds do not always blow. This may create mismatches between times of generation and times of need, all of which energy storage systems can bridge by storing excess energy generated at peak production times for later usage when production is low or demand is high. The following are some of the primary missions of renewable energy storage: smoothening peaks and troughs of energy demand and supply, saving energy during periods when it is in plenty and cheap to be used later when required. It provides rapid-response power for electrical grid stability, reliability, and electricity during outages and emergencies. Allowing all consumers with renewable energy systems, like rooftop solar, to use more energy they produce.

Effective storage options become more critical as renewable energy becomes a larger part of the global energy mix. They enable better integration of renewables into the grid, lower the demand for fossil fuel-based backup power, and can contribute to making renewable energy more cost-effective and stable. Developing more efficient, cost-effective, and environmentally friendly storage technologies is a major priority in the renewable energy sector, with significant research and investment being made to improve existing technologies and develop new ones.

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

Key Drivers of Target Market:

Decreasing Costs of Storage Technologies

• The technology of battery storage has fallen drastically over the years, especially with lithium-ion material, due to economies of scale, better manufacturing processes, and greater availability of raw materials. This price fall has made energy storage more plausible for many applications.

Increasing Penetration of Renewable Energy Sources:

• Much of the new interest in accelerating wind and solar power target energy with reduced carbon emissions. However, these sources vary by nature. Energy storage helps to tame these fluctuations by providing grid stability and qualitative integration of renewable energies.

Restrains:

Low Recycling Infrastructures:

• Currently, the recycling infrastructure for used energy storage lithium-ion batteries could be more efficient and present, raising concerns about the environment related to battery disposal and the long-term viability of this technology. Therefore, this dictates the importance of developing clean and cost-effective recycling processes to offset this restraint. During the recycling process, end-of-life batteries could significantly reduce environmental burdens from the primary production of useful raw materials such as lithium, cobalt, and nickel and further create a designed circle of metals, greatly needed for electromobility.

Opportunities:

Opening Up the Lithium-Ion Battery Market:

• In its current configuration, lithium-ion batteries dominate the landscape; this needs to shift toward diversification. Research into alternative chemistries with improved performance characteristics, more affordable cost profiles, and a lesser environmental footprint opens up a lifetime opportunity for companies staggered toward series two storage solutions, like sodium-ion or even solid-state batteries.

The market is segmented based on Source, Technology, Application, and Region.

Source Insights:

• Wind: Wind energy harnesses kinetic energy from moving air through large wind turbines sited onshore or offshore in sea- or freshwater. While it has been in use for thousands of years, onshore and offshore wind energy technologies evolved a couple of years ago in pursuit of maximizing electricity production by having taller turbines and larger rotor diameters.
• Hydropower: These energy sources use the energy developed by the water moving from high to low-level elevations. It can be generated both from reservoirs and rivers. Reservoir hydropower plants need water stored in a reservoir. In contrast, run-of-river hydropower plants extract energy depending on the available flow from the river. Often, hydropower reservoirs have several applications: they provide drinking water, water for irrigation, flood protection and drought control, navigation services, and energy supply.
• Solar: It is the most abundant resource, even from cloudy skies. Indeed, the rate at which the Earth intercepts solar energy is 10,000 times greater than the rate at which humankind consumes energy. Accordingly, solar technologies can contribute to providing heat, cooling, natural lighting, electricity, and fuels for a host of applications. In most devices, solar technologies convert sunlight into electrical energy using photovoltaic panels or mirrors that concentrate solar radiation.
• Bio Energy: Bioenergy has been derived from a wide range of organic materials collectively known as biomass. For the production of heat and power, wood, charcoal, dung, and other manures; for liquid biofuels, crops. The most extensive application of biomass is in rural areas associated with cooking, lighting, and space heating by poorer populations of developing countries. Modern biomass systems include dedicated crops or trees, residues from agriculture and forestry, and various organic waste streams.

Technology Insights:

• Pumped Hydroelectric Storage is perhaps the most mature technology to date that utilizes gravity for storing energy. It involves pumping water uphill in an off-peak period, allowing it to pass through turbines after some time, and generating electricity at peak demand periods.
• Battery Energy Storage: Fast-growing in the segment are batteries like lithium-ion, which store electrical energy by electrochemical reaction. Since they have a high efficiency rating, coupled with a relatively fast discharge rate, they are quite ideally suited to some individual applications.
• Flywheel Energy Storage: In this process, a flywheel is accelerated to high speeds, storing energy. The kinetic energy is then converted back into electrical energy when required. This technology finds optimal usage in applications requiring short-duration and high power, such as grid frequency regulation.
• Compressed Air Energy Storage: It compresses air under the ground in caverns. Later, this compressed air will run typical turbines, which will be connected to generators when energy is required. Very bright potential for large-scale storage is the CAES method.
• Thermal Energy Storage: This group uses different media like molten salts, compressed air, or phase change materials, which allows the storage of thermal energy to be used both in short- and long-term applications.

Hydrogen Energy Storage: This is a new technology for energy storage in the form of hydrogen gas originating from renewable sources—including solar and wind—through electrolysis. The stored hydrogen will be made good use of to run fuel cells for generating electricity or powering vehicles.

Application Insights:

• Residential: Battery Energy Storage systems could be installed by solar panel owners. These systems will store excess energy generated during the day for further use in the evening or at any time when the grid is off. This, therefore, means less reliance on the traditional grid, reducing electricity bills and minimizing carbon footprint.
• Commercial: This can aid in lowering the electricity bills of businesses by charging the system at no-peak hours or with low-priced electricity, then discharging it at peak times when prices have gone higher, thus helping them manage energy usage.
• Industrial: It may be used to develop process efficiency while reducing the energy cost for manufacturing plants. This will qualify them to get off-peak rates of electricity, which require energy-intensive processes; hence, Experience A to E Savings.

Regional Insights

• North America: The North American market for energy storage has developed with a strong presence of pumped hydro storage, although battery storage solutions are fast gaining enhanced projected markets. Key drivers remaining in North America are related to grid integration of renewable energies and improvement in grid stability.
• Asia Pacific: This would be the most significant and fastest-growing market, driven by ambitious renewable energy targets, supportive government policies, and grid modernization efforts. Due to its considerable investments in large-scale battery storage projects, much of the drive will come from China. Other vital countries would be South Korea and Japan, which have well-established battery manufacturing industries.
• Europe: This is another significant market driven by grid stability and integration issues. Again, Germany takes the lead with its strong government support for creating an avenue to enhance the development of energy storage.
• Latin America: This is a growing market impelled by fast renewable energy demand and grid infrastructure investments. Brazil, Chile, and Mexico are the first LA countries to deploy energy storage solutions.
• Middle East and Africa: This is a new market, actually; however, interest is growing, especially when countries start focusing on diversifying their energy mix or seeking gains in grid reliability. First opportunities will be visible in the United Arab Emirates, which is now inspecting the exploration or execution of energy storage solutions in the region, followed by South Africa.

Renewable Energy Storage Market Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study segmented the target market report based on Source, Technology, Application, and Region.

Segmentation:

By Source:

• Wind
• Hydropower
• Solar
• Bio Energy

By Technology:

• Pumped Hydroelectric Storage
• Battery Energy Storage
• Flywheel Energy Storage
• Compressed Air Energy Storage
• Thermal Energy Storage
• Hydrogen Energy Storage

By Application:

• Residential
• Commercial
• Industrial

By Region:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • Israel
  • South Africa
  • Rest of Middle East & Africa

The key players operating the Renewable Energy Storage Market include General Electric, Delta Electronics, Inc., Hitachi Ltd., Siemens AG, Toshiba, Trinasolar, NextEra Energy Resources, LLC, EVLO Energy Storage inc, ABB, HERO FUTURE ENERGIES.

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

• On July 1, 2024, SECI issues a 1,000MW/2,000MWh standalone BESS tender, which is India's largest tendor. SECI has issued a tender for battery energy storage systems (BESS) with a total output and capacity of 1,000MW/2,000MWh. In what is expected to be India's largest tender for standalone BESS resources, the state-owned firm proposes signing Battery Energy Storage Purchase Agreement (BESPA) contracts through the tender. SECI stated that it had received interest from electricity-buying entities nationwide in using 'on-demand' energy storage devices to help them control their energy use during peak and off-peak hours.
• On July 1, 2024, Sigenergy launched a new energy storage solution for the C&I industry. Chinese manufacturer Sigenergy has introduced a new modular energy storage solution that combines a hybrid inverter and battery pack with an integrated energy management system. The inverter series has power outputs ranging from 50 kW to 110 kW. Sigenergy's newly introduced SigenStack energy storage solution, specifically developed for the commercial and industrial segments, includes a hybrid inverter and a battery pack with a storage capacity of 10.75 kWh. According to Sigenergy, the inverter series has power options ranging from 50 kW to 110 kW.

• General Electric *
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Delta Electronics, Inc.
• Hitachi Ltd.
• Siemens AG
• Toshiba
• Trina Solar
• NextEra Energy Resources, LLC
• EVLO Energy Storage Inc
• ABB
• HERO FUTURE ENERGIES

“*” marked represents similar segmentation in other categories in the respective section.

Research Objective and Assumption

• Research Objectives
• Assumptions
• Abbreviations

Market Preview

• Report Description
  • Market Definition and Scope
• Executive Summary
  • Market Snippet, By Source
  • Market Snippet, By Technology
  • Market Snippet, By Application
  • Market Snippet, By Region
• Opportunity Map Analysis

Market Dynamics, Regulations, and Trends Analysis

• Market Dynamics
  • Drivers
  • Restraints
  • Market Opportunities
• Market Trends
• Product Launch
• Merger and Acquisitions
• Impact Analysis
• PEST Analysis
• Porter’s Analysis

Market Segmentation, Source, Forecast Period up to 10 Years, (USD Bn)

• Overview
  • Market Value and Forecast (USD Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Wind
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Hydropower
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Segment Trends
• Solar
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Segment Trends
• Bio Energy
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, Technology, Forecast Period up to 10 Years, (USD Bn)

• Overview
  • Market Value and Forecast (USD Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Pumped Hydroelectric Storage
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Battery Energy Storage
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Flywheel Energy Storage
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Compressed Air Energy Storage
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Thermal Energy Storage
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Hydrogen Energy Storage
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, Application, Forecast Period up to 10 Years, (USD Bn)

• Overview
  • Market Value and Forecast (USD Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Residential
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Commercial
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Industrial
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, By Region, Forecast Period up to 10 Years, (USD Bn)

• Overview
  • Market Value and Forecast (USD Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Regional Trends
• North America
  • Market Size and Forecast (USD Bn), By Source, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Technology, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Country, Forecast Period up to 10 Years
    • U.S
    • Canada
• Asia Pacific
  • Market Size and Forecast (USD Bn), By Source, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Technology, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Country, Forecast Period up to 10 Years
    • India
    • Japan
    • South Korea
    • China
    • Rest of Asia Pacific
• Europe
  • Market Size and Forecast (USD Bn), By Source, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Technology, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Country, Forecast Period up to 10 Years
    • UK
    • Germany
    • France
    • Russia
    • Italy
    • Rest of Europe
• Latin America
  • Market Size and Forecast (USD Bn), By Source, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Technology, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Country, Forecast Period up to 10 Years
    • Brazil
    • Mexico
    • Rest of Latin America
• Middle East and Africa
  • Market Size and Forecast (USD Bn), By Source, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Technology, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Country, Forecast Period up to 10 Years
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East and Africa

Competitive Landscape

• Heat Map Analysis
• Company Profiles

• General Electric
• Delta Electronics, Inc.
• Hitachi Ltd.
• Siemens AG
• Toshiba
• Trina Solar
• NextEra Energy Resources, LLC
• EVLO Energy Storage Inc.
• ABB
• HERO FUTURE ENERGIES.

The Last Word

• Future Impact
• About Us
• Contact