Renewable Energy Storage Global Market Report 2024

The renewable energy storage market size has grown exponentially in recent years. It will grow from $93.19 billion in 2023 to $125.42 billion in 2024 at a compound annual growth rate (CAGR) of 34.6%. The growth observed in the historic period can be attributed to several factors, including advancements in renewable energy technologies, increasing environmental concerns and awareness about climate change, efforts to enhance energy security and independence, modernization and decentralization of the grid, and the growth of the electric vehicle market.

The renewable energy storage market size is expected to see exponential growth in the next few years. It will grow to $374.21 billion in 2028 at a compound annual growth rate (CAGR) of 31.4%. The projected growth in the forecast period can be attributed to renewable energy expansion targets, energy transition policies, technological advancements, and grid modernization initiatives. Major trends expected in the forecast period include integration with renewable energy projects, the emergence of new technologies, grid services and revenue stacking, storage-as-a-service models, as well as digitalization and smart energy management.

The anticipated growth in investment in the energy sector is set to drive the expansion of the renewable energy storage market. Energy sector investment involves allocating financial resources, such as capital, funds, or assets, into various activities related to energy production, distribution, and utilization. Motivated by concerns about climate change, advancements in renewable energy technologies, improved efficiency, and reduced costs, these investments play a crucial role in supporting renewable energy storage across the value chain. This encompasses research and development, manufacturing scale-up, grid integration, and the deployment of commercial projects. For instance, a report from GOV.UK in July 2023 highlighted a 1.4% increase in energy sector investments in 2022, totaling $22.45 billion (£16.7 billion), while the Institute for Energy Economics & Financial Analysis reported approximately $500 billion investments in solar power generation in 2022, marking an $80 billion increase from the previous year. Thus, the investment in the energy sector is a key driver for the growth of the renewable energy storage market.

Prominent companies in the renewable energy storage market are intensifying efforts to develop innovative solutions, exemplified by Trina Storage, to meet the rising demand for energy storage and enhance their renewable energy solutions portfolio. Trina Storage, an innovation unit, offers flexible and scalable energy storage solutions for various applications, including solar + storage, standalone, and large industrial and microgrid systems. For instance, Trina Solar Co., Ltd. launched Trina Storage in February 2021, introducing solutions such as the Elementa 2 containerized Battery Energy Storage System (BESS), featuring a 306Ah lithium iron phosphate (LFP) cell with a 12,000-cycle expected lifetime. The solutions provide intelligent management of the liquid cooling system and rack-level battery management, enabling faster and more cost-effective deployment of storage for utilities, IPPs, developers, and EPCs.

In October 2022, Masdar, a UAE-based renewable energy company, acquired Arlington Energy for an undisclosed amount, aiming to expand its presence in the battery energy storage systems market. This acquisition enhances Masdar's clean energy offerings and contributes to accelerating the transition to a net-zero future. Arlington Energy Limited, based in the UK, is an energy platform delivering flexible and renewable energy storage products and services.

Major companies operating in the renewable energy storage market are Hitachi Ltd., Tesla Inc., General Electric Company, BYD Company Limited, LG Chem Ltd., Siemens Energy AG, ASEA Brown Boveri Ltd., Toshiba Corporation, NextEra Energy Resources LLC, PARKER HANNIFIN CORPORATION, Samsung SDI Co. Ltd., Delta Electronics Inc., Trina Solar Co. Ltd., Commonwealth Edison Company, Fluence Energy LLC, Nippon Electric Company Limited., Vivint Solar Inc., Invenergy LLC, Greenko Group PLC, EVLO Energy Storage Inc., GreenSmith Energy Management Systems LLC, Eos Energy Storage LLC, Xtreme Power Inc., Sonnen GmbH, Renewable Energy Systems Ltd.

Asia-Pacific was the largest region in the renewable energy storage market in 2023. The regions covered in the renewable energy storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the renewable energy storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Renewable energy storage involves capturing and storing energy generated from renewable sources such as solar, wind, and hydroelectric power to be utilized later. This practice improves the reliability, stability, and efficiency of renewable energy systems and the electrical grid.

The primary types of renewable energy storage include wind power, hydroelectric power, solar power, bioenergy, and other forms. Wind power involves converting wind energy into usable electricity through wind turbines. It encompasses various storage technologies such as pumped hydro, electro-chemical, electro-mechanical, and thermal, catering to residential, industrial, and commercial end users.

The renewable energy storage market research report is one of a series of new reports that provides renewable energy storage market statistics, including renewable energy storage industry global market size, regional shares, competitors with a renewable energy storage market share, detailed renewable energy storage market segments, market trends and opportunities, and any further data you may need to thrive in the renewable energy storage industry. This renewable energy storage market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The renewable energy storage market consist of revenues earned by entities by providing services such as energy storage as a service (ESaaS), bulk energy services, ancillary services, and transmission infrastructure services. The market value includes the value of related goods sold by the service provider or included within the service offering. The renewable energy storage market also includes of sales of battery energy storage systems, pumped hydroelectric storage systems, batteries, thermal energy storage systems, flywheel energy storage systems, and compressed air energy storage systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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