There are many types of energy storage technology approaches, each suited to different applications based on their ability to deliver capacity, safety, performance, power output, lifespan, cost, and efficiency. Storage applications range from portable electronics and electric and hybrid-electric vehicles to backup systems for grids and AI server farms.
The market for batteries alone is growing dramatically. According to a recent Fortune Business Insights report, the global battery energy storage market size was $25.02 billion in 2024. The estimated size of the global TAM (total available market) for 2025 is $32.63 billion, and it’s projected to be $114.05 billion by 2032, exhibiting a CAGR of 19.58% during the forecast period.
In addition to traditional non-rechargeable primary batteries like alkaline and Li MnO2, there are rechargeable secondary technologies like lead acid, NiCad (NiCd), nickel metal hydride, lithium-ion, lithium-iron phosphate (LiFePO4) and solid-state batteries. (For UPS system designs, I’ve been using newer lithium iron phosphate batteries to swap out lead acid batteries. They reduce weight and last longer and, with their integrated charge/discharge protection circuitry, they can emulate an SLA battery. This works well in a semi-controlled temperature environment, assuming you don’t exceed four cells in series or 48-volt stack usage.)
Other energy storage methods include flywheel technology, which stores energy in a rotating mass for grid stabilization, as well as UPS-like backup. These systems typically have a sophisticated motor-generator and control electronics that elegantly control and monitor the operation of the devices. There is also thermal storage (molten salt, phase change materials), hydrogen fuel cells and flow batteries (vanadium redox), plus pumped hydro storage systems and compressed air storage.
There always seems to be a new breakthrough energy storage chemistry ready to go mainstream. Some technologies will forever be on the horizon, eating up VC and government funding as they are proven to work safely and repeatably over a wide range of temperatures and for an extended lifetime.
These approaches all depend on power needs, energy delivery rate requirements, cost, complexity, lifespan and environmental impact. But regardless of the technology used, the good news is that power electronics are needed to make any technology work reliably in the applications.
The great news is that any rechargeable battery technology requires power electronics to not only measure temperature, current, voltage and time but also to control all these so the chemistry is maximized for long life and performance. The wrong charge profile, for instance, will damage the cell and shorten the application’s lifespan. Since monitoring and control is necessary for any energy storage approach, power electronics designers will always be in high demand.
