According to the research report titled ‘Global Energy Storage Market (2022 Edition) - Analysis By Type (Battery, PSH, TES, Others), End-User, By Region, By Country: Market Insights and Forecast with Impact of Covid-19 (2022-2027)’ available with MarketStudyReport, global energy storage market had generated revenues worth USD 64.96 Billion in 2021 and is estimated to depict similar growth trends through 2027.

Global energy storage market growth is driven by growing government support, rapid urbanization, rising environmental concerns, and mounting clean energy demand.

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This industry space is segmented based on type and end-user segment. Speaking of type, the market is further divided into batteries, thermal energy storage (TES), pumped-storage hydroelectricity (PSH), and others. Among these, the batteries segment holds the largest market share and is expected to witness significant growth through the forecasted period. Increasing pollution awareness has augmented the demand for lithium-based batteries in EVs, which in turn is fueling the segmental share.

Based on the end-user segment, the market is bifurcated into commercial, industrial, and residential. The industrial segment currently holds the highest revenue share and is estimated to witness exponential growth through 2022-2027. Energy storage units are widely used for manufacturing EVs. This coupled with growing demand for sustainable mobility solutions are boosting global energy storage market share from the industrial segment.

The regional analysis of this industry vertical involves countries like North America, Asia Pacific, Latin America, Europe, and the Middle East & Africa. In 2021, Asia Pacific registered the highest growth rate and is expected to follow a similar trend during 2022-2027. This can be credited to the growing demand for sustainable energy due to the rising population levels.

The leading companies operating in global energy storage industry landscape are Fluence Energy, Powin Energy Corp., Wärtsilä Oyj Abp, Tesla Inc., Panasonic Corp., Toshiba Corp., LG Chem Ltd., GS Yuasa Corporation, BYD Co. Ltd., and General Electric Co.