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According to analysis from Solar Media Market Research, battery storage continues to serve as a major source of income for clean energy technology suppliers, even as photovoltaic margins remain tight and electric vehicle demand slows. The growing importance of energy storage systems, supported by government programs in emerging markets and rising global installations, has kept this segment robust.
The report highlights that suppliers with a larger portion of revenue coming from energy storage generally experienced stronger overall growth in 2025. Among top companies, HyperStrong recorded the highest year-over-year revenue increase at 45%, followed by CATL at 21% and Sungrow at 18%. HyperStrong, which derives the greatest share of its total revenue from energy storage, saw its overseas revenue climb 42% as it entered new markets in Greece and Sweden. Despite a decline in average selling prices, the company’s 2025 energy storage sales volume more than doubled from the prior year, leading to a 40% rise in revenue and a 52% jump in net profits attributable to shareholders.
For most suppliers in the top two tiers of the bankability pyramid, energy storage is not their primary revenue source, though its share of total revenue has generally been increasing. CATL was an exception, with its energy storage share dipping slightly to 15% in 2025, even as total energy storage revenue grew 9%. Sungrow posted the largest increase in energy storage revenue among the five leading suppliers, up roughly 49%, accounting for nearly 42% of total revenue, while its photovoltaic inverter sales rose only 6.9%. The company’s overseas revenue share rose from 46% in 2024 to about 60% in 2025, as revenue from mainland China fell 15%. Sungrow supplied some of the world’s largest battery storage projects outside China, including three facilities totaling 7.8 GWh in Saudi Arabia that entered commercial operation late in 2025.
Despite strong full-year results, Sungrow’s fourth-quarter earnings showed year-over-year declines of 18% in revenue and 54% in net profit. Possible reasons include continued declines in battery energy storage system prices due to heightened competition, rising lithium and cell prices, and potentially lower margins on projects signed in the Middle East and elsewhere. BYD increased total revenue in 2025 but saw net profit fall 19%, mainly attributed to its electric vehicle business and intense domestic competition. Tesla’s overall revenue declined 3% as EV sales fell 10%, though its storage deployments reached a record high, up 29%, and its energy generation and other reporting segment posted the strongest revenue growth at 25%.
The steady decline in lithium carbonate prices over the past few years has likely supported higher energy storage deployments and influenced supplier finances. Prices rebounded toward the end of 2025, driven by demand from both EV and ESS batteries, and have remained elevated in 2026. While manufacturers can pass costs to downstream customers, intense competition may force some to keep prices low to gain market share. Margin compression has already appeared: Sungrow’s first-quarter net profit fell 40%, gross margins dipped 1.8 basis points, and revenue dropped 18% year over year. HyperStrong, however, saw both revenue and net profit margins rise as it secured and delivered more overseas projects.
Many suppliers experienced lower operating margins in the first quarter compared to full-year 2025, including CALB, Sungrow, CATL, and Gotion, which recorded an operating loss and a 79% drop in net profits. The first quarter typically sees lower operating profits due to fewer shipments. As profit margins in photovoltaics remain tight, especially in China, companies previously focused on solar—such as LONGi and Saatvik Green Energy—are increasingly entering the ESS business. While oversupply is a potential risk, most newly established energy storage businesses outside China do not produce cells, meaning system integrators are more likely to face margin pressure than manufacturers.
The rise of data centers in the United States could boost demand for suppliers and help offset any delayed order signings from last year due to policy uncertainties. Wärtsilä was especially affected in 2025, with energy storage order intake falling 52% in megawatt-hours and net sales down 13%; in the first quarter of 2026, the company booked no new equipment orders for energy storage. Fluence, by contrast, reported a record-high contracted order backlog at the end of March, with its data center pipeline up 30% from the end of 2025. Hyperscale data centers represent a strong growth opportunity, and suppliers such as Hithium, Sungrow, and Sunwoda are developing solutions geared toward AI data centers.
Looking ahead, energy storage is expected to remain a strong revenue growth driver for Chinese cell manufacturers, especially following new policies in China that reduce EV incentives and move from full purchase tax exemption to 5% in 2026. In the first quarter, EVE Energy shipped over 6 GWh more energy storage batteries than power batteries and saw overall revenue rise 61.6%. Despite the thriving ESS industry and the fact that companies with higher energy storage revenue shares saw stronger total revenue growth in 2025, the market remains highly sensitive to government policies. Suppliers are increasingly setting up production facilities overseas, likely in an attempt to bypass country-specific tariffs and comply with local content requirements.
Interactive table based on the Store Companies dataset for this report.
This report provides a comprehensive view of the global lithium-ion accumulator industry, tracking demand, supply, and trade flows across the worldwide value chain. It explains how demand across key channels and end-use segments shapes consumption patterns, while also mapping the role of input availability, production efficiency, and regulatory standards on supply.
Beyond headline metrics, the study benchmarks prices, margins, and trade routes so you can see where value is created and how it moves between exporters and importers worldwide. The analysis is designed to support strategic planning, market entry, portfolio prioritization, and risk management in the global lithium-ion accumulator landscape.
The report combines market sizing with trade intelligence and price analytics. It covers both historical performance and the forward outlook to 2035, allowing you to compare cycles, structural shifts, and policy impacts across countries and regions.
For the global report, country profiles provide a consistent view of market size, trade balance, prices, and per-capita indicators. The profiles highlight the largest consuming and producing markets and allow direct benchmarking across peers.
The analysis is built on a multi-source framework that combines official statistics, trade records, company disclosures, and expert validation. Data are standardized, reconciled, and cross-checked to ensure consistency across time series.
All data are normalized to a common product definition and mapped to a consistent set of codes. This ensures that comparisons across time are aligned and actionable.
The forecast horizon extends to 2035 and is based on a structured model that links lithium-ion accumulator demand and supply to macroeconomic indicators, trade patterns, and sector-specific drivers. The model captures both cyclical and structural factors and reflects known policy and technology shifts.
Each country projection is built from its own historical pattern and the regional context, allowing the report to show where growth is concentrated and where risks are elevated.
Prices are analyzed in detail, including export and import unit values, regional spreads, and changes in trade costs. The report highlights how seasonality, freight rates, exchange rates, and supply disruptions influence pricing and margins.
Key producers, exporters, and distributors are profiled with a focus on their operational scale, geographic footprint, product mix, and market positioning. This helps identify competitive pressure points, partnership opportunities, and routes to differentiation.
This report is designed for manufacturers, distributors, importers, wholesalers, investors, and advisors who need a clear, data-driven picture of global lithium-ion accumulator dynamics.
The market size aggregates consumption and trade data at country and regional levels, presented in both value and volume terms.
The projections combine historical trends with macroeconomic indicators, trade dynamics, and sector-specific drivers.
Yes, it includes export and import unit values, regional spreads, and a pricing outlook to 2035.
The report provides profiles for the largest consuming and producing countries, enabling benchmarking across peers.
Yes, it highlights demand hotspots, trade routes, pricing trends, and competitive context.
Report Scope and Analytical Framing
Concise View of Market Direction
Market Size, Growth and Scenario Framing
Commercial and Technical Scope
How the Market Splits Into Decision-Relevant Buckets
Where Demand Comes From and How It Behaves
Supply Footprint, Trade and Value Capture
Trade Flows and External Dependence
Price Formation and Revenue Logic
Who Wins and Why
Where Growth and Supply Concentrate
Commercial Entry and Scaling Priorities
Where the Best Expansion Logic Sits
Leading Players and Strategic Archetypes
Detailed View of the Most Important National Markets
How the Report Was Built
World's largest battery manufacturer
Major vertical integration with auto production
Major supplier to global automakers
Long-time Tesla supplier
Part of SK Innovation, expanding globally
Produces prismatic and cylindrical cells
Rapidly expanding Chinese manufacturer
VW is a strategic shareholder
Significant consumer electronics supplier
Major supplier of cylindrical cells
Key supplier to Mercedes-Benz
Spin-off from Great Wall Motor
Leading European battery champion
Major supplier to Nissan and others
Integrated anode & battery producer
State-owned, diverse battery products
Also known as Gotion High-tech
Focus on fast-charging, heavy-duty vehicles
Pioneering silicon anode technology
Building giga factories in Nordic region
JV of Stellantis, Mercedes-Benz, Saft
Toyota and Panasonic joint venture
Specialized in heavy-duty applications
Manufacturer for various industries
Developing next-gen solid-state batteries
Part of TotalEnergies, specialty focus
Major supplier for power tools and devices
CATL sister company, focuses on small cells
Known for fast-charging SCiB technology
Acquired Sony's battery business
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