Kings Research today announced the release of its latest market intelligence study, “Global Renewable Energy Storage Market: Size, Share, Trends & Forecast 2024–2031.” The report provides a comprehensive analysis of growth drivers, technology trends, regional dynamics, and the competitive landscape shaping the renewable energy storage industry worldwide.
According to Kings Research, the global renewable energy storage market was valued at USD 35.23 billion in 2023 and is projected to grow from USD 39.16 billion in 2024 to USD 89.06 billion by 2031, expanding at a CAGR of 12.46% during the forecast period. Growth is driven by the rising adoption of hybrid energy systems, grid modernization efforts, and the need to address renewable intermittency challenges.
Renewable energy storage refers to the technologies and systems that store energy from renewable sources such as solar, wind, and hydro for later use. Storage is essential to overcome the variability of renewables, ensuring a reliable and stable supply of clean energy. Major storage solutions include batteries (lithium-ion, flow, solid-state), pumped hydro storage, thermal storage, and compressed air energy storage.
Kings Research Identifies the Following Growth Accelerators
- Hybrid Energy Systems
Integration of solar, wind, and hydro with advanced storage creates reliable, continuous energy supply. Hybrid systems reduce fossil fuel reliance, lower emissions, and support climate goals. - Grid Modernization and Stability
Modern grids require flexible storage to handle bi-directional flows and intermittent generation. Energy storage ensures supply-demand balance, improves efficiency, and strengthens resilience against outages. - Technological Advancements
Battery innovations, such as solid-state and flow batteries, are enhancing capacity, scalability, and safety. Pumped hydro storage and compressed air technologies are also gaining traction for large-scale applications. - Energy Decentralization Trend
Distributed storage solutions located near homes, businesses, and communities are rising. They provide local resilience, reduced transmission losses, and consumer energy independence.
For utilities, project developers, commercial enterprises, and industrial operators, renewable energy storage delivers clear advantages
- Resilience & Continuity: Storage ensures uninterrupted operations by balancing intermittent supply, reducing exposure to outages and blackouts.
- Cost Optimization: Businesses can lower peak electricity charges, manage demand more effectively, and hedge against volatile fossil fuel prices.
- Regulatory Compliance: Adoption of storage aligns with carbon-reduction mandates and renewable integration targets, reducing compliance risks.
- New Revenue Streams: Utilities and corporates can participate in ancillary services markets, selling stored energy or providing grid-balancing services.
- Energy Independence: Decentralized storage allows corporations and communities to reduce reliance on central grids, increasing self-sufficiency.
- Sustainability & ESG Alignment: Deployment of clean storage technologies improves ESG scores, strengthens investor confidence, and supports long-term climate commitments.
Regional Outlook
- Asia-Pacific: Largest market share at 36.21% in 2023 (USD 12.76 billion). Rapid industrialization and policy-driven clean energy expansion in China, India, and Japan are fueling demand. China alone is expected to account for 56% of global renewable capacity additions between 2023–2028.
- Europe: Poised for strong growth at a 12.56% CAGR, supported by the EU’s climate neutrality target by 2050. The European Commission’s policies and subsidies are accelerating renewable storage adoption alongside rising EV deployment.
- North America: Growth driven by grid modernization, renewable integration, and federal/state-level clean energy mandates. Investments in advanced battery storage and smart grid infrastructure are accelerating adoption.
Competitive Landscape
The renewable energy storage market is fragmented, with leading companies investing in R&D, partnerships, and regional expansion. Key players include General Electric, Delta Electronics, Inc., Hitachi Ltd., Siemens AG, and Toshiba.
The full Kings Research report provides detailed segmentation by source, application, and region, along with competitive benchmarking. To request a sample or access the complete report, visit https://www.kingsresearch.com/renewable-energy-storage-market-178.
About Kings Research
Kings Research is a global provider of syndicated research reports and consulting services, helping organizations navigate emerging markets, assess opportunities, and make informed business decisions.
All market data are sourced from Kings Research proprietary analysis, validated against credible public sources such as the International Energy Agency (iea.org), European Environment Agency (eea.europa.eu), and Invest India (investindia.gov.in).