Published Date : 2025-Apr-14
The global energy storage market is undergoing a significant transformation. With the world shifting toward cleaner and more sustainable energy sources, storage solutions are becoming a critical piece of the energy infrastructure puzzle.
The market is expected to reach a value of $34.75 billion by 2034, at a CAGR of 12.21% over the forecast period (2025–2034).
Below are the Top Companies shaping this space, including their profiles, key data, and regions of dominance.
The global energy storage market has been witnessing growth because of power supply and demand disparities caused by power outages from storms, equipment failures, and fire accidents. Energy storage eradicates energy poverty which is one of the most significant factors that will drive the market over the next seven years. Conventional energy sources such as coal and natural gas-fired power plants turn on and off based on fluctuations in demand. Energy storage has been replacing conventional energy sources in recent years due to cost advantages related to these systems. Poor power quality and pollution that is inherent in the traditional sources of energy have been boosting energy storage device demand in recent years, and trends are expected to continue during the forecast period. Growing demand for hydropower, solar, and wind power is one of the key drivers likely to drive the market for energy storage during the forecast period. Power generation sector has been experiencing rapid growth because of rapid industrialization in developing countries such as India, China and Brazil. High growth of power generation sector is expected to drive energy storage market in the next five years. Fossil fuel shortage like coal, oil, and uranium is expected to boost demand for energy storage systems in the foreseeable future. Energy storage system helps to capture the green energy by reducing harmful air pollution, and it is bound to increase energy storage demand. Extra power generation in low demand is likely to cost the companies immensely if they do not find any way to store it. Energy storage helps balance demand and supply and different firms' profitability. However, excessive installation cost of energy storage systems is expected to impede market growth over the next seven years. Furthermore, excessive capital cost in the creation of energy storage technologies is anticipated to limit its market.
The leading technology of energy storage market of 2013 was pumped hydro storage and then thermal. Pumped hydro storage is material-based energy storage technology in which water is stored in a reservoir. It is not expensive and has been commercialized for decades. Li-ion battery has been gaining popularity over the last few years because of large scale manufacturing facilities and healthy competitive market. But other technologies such as compressed air energy storage (CAES), lead-acid, and flywheels battery are expected to experience robust growth over the next seven years. Major applications of energy storage market include ancillary services, community energy storage (CES), renewable, transmission, and other distributed. Distributed storage system was a leading application segment for energy storage market in 2013 followed by renewable storage.
Capacity-wise, Asia Pacific was the biggest regional energy storage market in 2013. Asian countries have been attempting to develop advanced battery systems and export them. Installed capacity-wise, North America has the biggest share in the energy storage market. The North America market is technology-diversified and innovative.
Rising Renewable Energy Adoption
Solar and wind energy sources are inherently intermittent. As nations increase their renewable energy capacities, the demand for efficient storage solutions that stabilize and dispatch power when needed grows in parallel.
Grid Modernization
Governments and utilities are investing in modernizing aging grid infrastructure. Energy storage is essential for load balancing, frequency regulation, and reducing grid outages.
Electric Vehicles (EVs)
The rapid adoption of EVs is driving advancements in battery technology and scaling up storage capabilities, both for automotive and stationary applications.
Policy & Incentives
Countries across the globe are offering subsidies, tax breaks, and regulatory support to promote energy storage installations, creating a fertile environment for market expansion.
Headquarters: Palo Alto, California, USA
Founded: 2003
Employees: Approx. 140,000 (Tesla total)
Revenue (2024): Approx. $22 billion (Energy Generation & Storage segment)
Region Focus: North America, Australia, Europe
Tesla Energy is the energy division of Tesla, Inc., focused on solar power generation and battery storage systems for homes, businesses, and utilities. It is considered one of the most advanced and vertically integrated energy companies globally. It's a pioneer in integrating AI with energy systems and offers a complete solar-storage ecosystem.
Tesla Energy has deployed storage systems in California (PG&E Megapack systems), Australia (Hornsdale Power Reserve), Texas (utility projects) and Puerto Rico (microgrid solar + Powerwall).
Headquarters: Seoul, South Korea
Founded: 2020 (spun off from LG Chem)
Employees: Approx. 20,000
Revenue (2024): Approx. $25 billion
Region Focus: Asia-Pacific, Europe, North America
LG Energy Solution is a global leader in advanced lithium-ion battery technology, catering to both electric vehicle (EV) and stationary energy storage markets. It is a spin-off from LG Chem and has quickly become one of the top three battery manufacturers globally.
Headquarters: Shenzhen, China
Founded: 1995
Employees: 290,000+
Revenue (2024): Approx. $80 billion (includes EVs and storage)
Region Focus: Asia, Africa, Europe
Build Your Dreams (BYD) is a Chinese multinational conglomerate headquartered in Shenzhen, and a global frontrunner in electric mobility and battery-powered energy storage. While known for EVs, BYD’s Energy division has become a top-tier supplier of lithium iron phosphate (LFP) energy storage systems used worldwide in both residential and grid-scale projects.
Headquarters: Arlington, Virginia, USA
Founded: 2018 (joint venture of Siemens & AES)
Employees: Approx. 900
Revenue (2024): Approx. $2.2 billion
Region Focus: North America, Europe, India
Fluence Energy, a global leader in energy storage technology and services, plays a pivotal role in shaping the future of the energy storage market. Founded as a joint venture between Siemens and AES Corporation, Fluence has grown into a powerhouse in grid-scale storage, offering advanced solutions that are deployed in over 45 countries.
Headquarters: Yongin, South Korea
Founded: 1970
Employees: Approx. 12,000
Revenue (2024): Approx. $15 billion
Region Focus: Asia, Europe
Samsung SDI, a subsidiary of the Samsung Group, is a global leader in lithium-ion battery manufacturing and a major contributor to the evolution of the energy storage system (ESS) market. With its deep-rooted expertise in battery technologies, Samsung SDI is driving innovation across both consumer and large-scale energy storage applications.
Headquarters: Ningde, China
Founded: 2011
Employees: Approx. 100,000
Revenue (2024): Approx. $50 billion
Region Focus: China, Europe, Middle East
CATL is the world’s largest manufacturer of lithium-ion batteries and a dominant player in the energy storage systems (ESS) market. CATL is a key driver behind the global electrification movement—powering everything from electric vehicles to massive grid-scale storage projects.
Headquarters: Reading, Pennsylvania, USA
Founded: 2000
Employees: Approx. 10,000
Revenue (2024): Approx. $3.8 billion
Region Focus: North America, LATAM
EnerSys is a U.S.-based energy storage company and global leader in stored energy solutions for industrial applications. While it may not dominate headlines like some EV battery giants, EnerSys excels in providing reliable, rugged, and highly engineered energy systems that power everything from data centers to telecom networks, aerospace systems, and defense infrastructure.
Headquarters: Huizhou, China
Founded: 2001
Employees: Approx. 30,000
Revenue (2024): Approx. $10 billion
Region Focus: Southeast Asia, Africa, Europe
EVE Energy Co., Ltd., based in Huizhou, China, is rapidly becoming one of the most influential players in the global battery market. Originally known for its lithium primary batteries, EVE has expanded aggressively into rechargeable lithium-ion cells, energy storage systems, and EV battery solutions- making it a company to watch in the evolving energy storage space.
Region | Growth Driver | |
North America | Grid modernization, IRA incentives | |
Europe | Renewable integration, decarbonization | |
Asia-Pacific | Rapid urbanization, EV adoption | |
Middle East & Africa | Utility-scale investments | |
Latin America | Solar microgrids, storage for rural areas |
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