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Energy Storage Market Outlook 2024: Industry Data & Insights

Energy Storage Market Outlook 2024: Industry Data & Insights

There is significant demand for high-capacity energy storage solutions to complement grid energy. With the potential to accelerate the energy transition, this energy storage market outlook explores key market data as well as areas of innovation and their implications for energy stakeholders worldwide.
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The 2024 Energy Storage Industry Report explores current trends, investments, and tech advancements shaping the global market. This report examines the industry’s growth trajectory, key players, and innovations driving progress. It highlights significant data points, including employment statistics, investment patterns, and regional hubs. The report highlights the role of energy storage solutions in supporting renewable energy integration and grid stability. Key trends include grid energy storage, long-duration energy storage, and lithium batteries.

This report was last updated in July 2024.

This energy storage report serves as a reference for stakeholders within the industry, investors, policymakers, and economic analysts, providing a snapshot of the industry’s health to map its trajectory for innovation and growth in the coming years.

StartUs Insights Energy Storage Market Outlook 2024

Energy Storage Market Outlook 2024 | StartUs Insights

Executive Summary: Energy Storage Market Outlook 2024

This report is created using data obtained from the Big Data and AI-powered StartUs Insights Discovery Platform, covering more than 4.7 million global companies, as well as 20K+ technologies and emerging trends. We also analyzed a sample of 1900+ energy storage startups developing innovative solutions to present five examples from emerging energy industry trends.

  • Industry Growth: The energy storage industry includes over 13900 companies, growing by 3.56% last year, reflecting its expanding market presence and potential.
  • Manpower & Employment Growth: The industry employs 1.7 million people globally, with 114000 new employees added last year, indicating substantial workforce expansion.
  • Patents & Grants: Over 31700 patents and 3460 grants highlight the industry’s innovation and support for research and development.
  • Global Footprint: Key hubs include the USA, UK, China, Australia, and Germany, with leading cities being Shenzhen, London, Melbourne, Sydney, and New York City.
  • Investment Landscape: The sector’s investment landscape is robust, with an average investment value of USD 84 million per round, and over 5230 funding rounds closed.
  • Top Investors: Kohlberg Kravis Roberts: USD 2.4 billion, Bank of China: USD 1.9 billion, Canada Pension Plan Investment Board: USD 1.7 billion, and more.
  • Startup Ecosystem: Five innovative startup features include EnerVenue (maintenance-free energy storage), Cellex Battery Systems (broad energy storage applications), HARNYSS (microgrid-in-a-box), Ore Energy (Iron Water Battery), and EnergyBank (offshore wind ESS).
  • Recommendations for Stakeholders: Investors should prioritize funding for innovative projects and startups that develop battery technologies, supercapacitors, and grid storage systems. Entrepreneurs are already capitalizing on emerging trends like renewable integration and smart grid solutions to gain a competitive edge. Governments must implement supportive policies, provide grants, and create incentives to accelerate the adoption of energy storage technologies.

Explore the Data-driven Energy Storage Industry Outlook for 2024

The Energy Storage Industry Report 2024 uses data from the Discovery Platform and encapsulates the key metrics that underline the sector’s dynamic growth and innovation. The energy storage industry shows robust growth, with 1937 startups and over 13900 companies in the database. The industry has seen a 3.56% growth in the last year, reflecting its expanding influence. Over 31700 patents and 3460 grants underscore the sector’s innovation and research support.

The global workforce stands at 1.7 million, with 114000 new employees added last year, highlighting significant employment growth. Key hubs include the USA, UK, China, Australia, and Germany, with leading cities being Shenzhen, London, Melbourne, Sydney, and New York City. The heatmap above provides a visual overview of these data points, illustrating the industry’s landscape, growth, and key hubs.

What data is used to create this energy storage report?

Based on the data provided by our Discovery Platform, we observe that the energy storage industry ranks among the top 5% in the following categories relative to all 20K topics in our database. These categories provide a comprehensive overview of the industry’s key metrics and inform the short-term future direction of the industry.

  • News Coverage & Publications: The industry seen more than 105000 publications in the last year, indicating extensive news coverage and research interest.
  • Funding Rounds: Our database includes data on over 5200 funding rounds, reflecting strong investment activity within the sector.
  • Manpower: With a workforce exceeding 1.7 million, the industry has added over 114000 new employees in the past year.
  • Patents: The sector holds over 31000 patents, highlighting its innovation and technological advancements.
  • Grants: More than 3460 grants have been awarded to support ongoing research and development.
  • Yearly Global Search Growth: The industry experienced a 17.40% growth in yearly global search interest, reflecting increased public and professional attention.

A Snapshot of the Global Energy Storage Industry

The energy storage industry is experiencing significant growth and investment, underscoring its critical role in the renewable energy sector. With a manpower of 1.7 million and an employee growth of 114000 in the past year, the industry is expanding rapidly. Over 13900 companies are contributing to this sector’s dynamism and innovation.

Explore the Funding Landscape of the Energy Storage Industry

Investment in the energy storage industry is robust, with an average investment value of USD 84 million per round. More than 2000 investors have participated in over 5230 funding rounds, supporting over 2,100 companies. This strong financial backing highlights the sector’s potential and the confidence of investors in its future growth. The data underscores the importance of energy storage solutions in enhancing the efficiency and reliability of renewable energy systems.

Who is Investing in Energy Storage Solutions?

The combined investment value by the top investors in the energy storage industry exceeds USD 11 billion, highlighting the sector’s immense potential. Notable investors and their contributions include:

These top investors play a crucial role in driving growth and innovation within the energy storage industry, ensuring continued advancements and increased adoption of energy storage solutions. This substantial financial backing highlights the industry’s potential for long-term success and development.

Grid Energy Storage is a rapidly growing trend within the energy storage industry, with 732 companies identified. This sector employs around 97000 people, with 7600 new employees added in the last year, reflecting its dynamic expansion. The annual growth rate for grid energy storage is 31.50%. Companies in this sector focus on developing and deploying technologies that store energy for grid use, enhancing grid stability and reliability.

Long Duration Energy Storage represents a significant and rapidly growing segment of the energy storage industry, with 223 companies identified. This sector employs approximately 29000 people, with 2000 new employees added in the past year. The annual growth rate for long duration energy storage is 49.09%, highlighting its burgeoning potential. This trend is crucial for achieving a stable, resilient energy grid and supporting the widespread adoption of renewable energy.

Lithium Batteries are a cornerstone of the energy storage industry, with over 6200 companies identified. This sector employs around 872000 people, with 59000 new employees added last year. The annual growth rate for lithium batteries is 5.26%, showcasing steady expansion.

5 Top Examples from 1900+ Innovative Energy Storage Startups

The five innovative startups showcased below are picked based on data including the trend they operate within and their relevance, founding year, funding status, and more. Book a demo to find promising startups, emerging trends, or industry data specific to your company’s needs and objectives.

EnerVenue enables Maintenance-free Energy Storage

US-based startup EnerVenue specializes in developing durable and efficient metal-hydrogen batteries for energy storage. The company’s Energy Storage Vessels offer long-lasting, maintenance-free energy storage solutions. These vessels support over 30,000 cycles without degradation, ensuring reliability and longevity. The technology operates efficiently in a wide temperature range, enhancing its versatility. EnerVenue’s batteries are designed to be safe and environmentally friendly, with no thermal runaway risk. The company’s products are ideal for various applications, from grid storage to renewable energy integration.

Cellex Battery Systems builds Hybrid LFP Cells

Indian startup Cellex Battery Systems specializes in advanced next-generation cell technology for energy storage solutions. The company’s custom-made batteries use proprietary hybrid LFP cells with a lifespan of up to 30 years. Cellex offers three product variants: Cellex Prime, Cellex Dominator, and Cellex Legacy, each designed for different life spans and applications. Its unique manufacturing process allows easy replacement of defunct cells, ensuring reliable warranties. Cellex integrates advanced battery management and thermal management systems to enhance safety and performance. Their batteries operate efficiently in extreme temperatures, from -40°C to 60°C.

HARNYSS provides a Microgrid-in-a-Box

HARNYSS builds Oasis H2, a hydrogen-based energy storage solution. The Oasis H2 system combines supercapacitors with hydrogen production and storage, utilizing renewable energy for electrolyzing water into hydrogen. This hydrogen powers fuel cells during renewable energy intermittency, ensuring a consistent electricity supply. The integrated fuel cell system efficiently converts hydrogen into electricity, enhancing energy resilience and sustainability. On-site hydrogen production and storage, along with a fuel cell for recharging supercapacitors, provide uninterrupted power.

Ore Energy develops an Iron-Water Battery

Ore Energy is a Dutch startup focusing on developing advanced energy storage solutions for commercial and industrial applications. The company’s flagship product, OreCell, delivers efficient, scalable, and cost-effective energy storage. OreCell uses proprietary technology to enhance energy density and cycle life, improving overall performance. The product integrates seamlessly with various energy systems, supporting renewable energy adoption. Ore Energy’s technology also includes smart energy management features for optimal storage and usage. The company prioritizes sustainability, using eco-friendly materials and processes.

EnergyBank offers an Offshore Wind Energy Storage System

New Zealand-based startup EnergyBank specializes in developing advanced energy storage solutions for the offshore wind market. The company’s technology integrates long-duration energy storage with active carbon capture. This system enhances the efficiency of transmission systems, improving project feasibility and internal rate of return (IRR). By incorporating these features, EnergyBank aims to support the decarbonization of energy production. The technology ensures a minimal increase in the levelized cost of energy while maximizing utility.

Gain Comprehensive Insights into Energy Storage Trends, Startups, or Technologies

The 2024 Energy Storage Industry Report highlights the sector’s considerable growth, driven by advancements in grid energy storage, long-duration energy storage, and lithium batteries. With significant investments and a rapidly expanding workforce, the industry continues to innovate and improve energy storage solutions. Contact us to explore all 1900+ startups and scaleups, as well as all industry trends impacting energy stakeholders worldwide.

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