Editor’s PickEnergy MarketsEnergy SavingFinanceGenerationNet ZeroRenewable EnergyTop Stories

Global energy storage market booms

Deployments in 2023 nearly tripled from the previous year and forecasts anticipate further significant expansion in 2024, according to a report

The global energy storage market is witnessing a significant surge, with deployments in 2023 tripling compared to the previous year and forecasts anticipate continued growth in 2024.

That’s according to the latest report by BloombergNEF, which suggests China leads in installations driven by co-location mandates, while activity intensifies in regions like the US, Australia and Europe, supported by targeted government initiatives.

Projections indicate substantial growth with a compound annual rate of 21% until 2030, primarily fueled by mandates, subsidies and declining costs.

According to the report, annual additions are expected to reach 137GW/442GWh by 2030.

Asia Pacific leads in capacity expansion, followed by Europe and the Americas.

Related Posts