The global grid battery storage capacity is set to increase fifteen times by 2030 from the latest estimated level of 2020.

That’s according to a new report published by the research firm Frost & Sullivan, which predicts battery storage capacity will likely reach 134.6GW in the next nine years from the 8.5GW annual capacity additions that were recorded last year.

The analysis estimates the market will reach a total revenue of $15.94 billion (£11.4bn) by the end of the decade from $2 billion (£1.4bn) in 2020, an estimated 23% growth rate.

China and the US are forecast to be the leading regions accounting for 46.2% and 32.4% respectively of the total grid battery storage capacity by 2030.

Maria Benintende, Energy and Environment Research Analyst at Frost & Sullivan, said: “With climate change and environmental sustainability at the center of national agendas, battery storage systems deployment is crucial to support the transition to higher levels of clean electrification relying primarily on variable renewable energy sources.”