Battery overproduction and overcapacity will shape market dynamics of the energy storage sector in 2024, pressuring prices and providing headwinds for stationary energy storage deployments. This report highlights the most noteworthy developments we expect in the energy storage industry this year. Contact online >>
Battery overproduction and overcapacity will shape market dynamics of the energy storage sector in 2024, pressuring prices and providing headwinds for stationary energy storage deployments. This report highlights the most noteworthy developments we expect in the energy storage industry this year.
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BloombergNEF (BNEF) is a strategic research provider covering global commodity markets and the disruptive technologies driving the transition to a low-carbon economy. Our expert coverage assesses pathways for the power, transport, industry, buildings and agriculture sectors to adapt to the energy transition. We help commodity trading, corporate strategy, finance and policy professionals navigate change and generate opportunities.
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 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
About Freetown energy storage investment trends
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