How big will energy storage be in ?
BloombergNEF forecasts a record 94 GW (247 GWh) of utility-scale storage in —a 35% rise—driven by China’s storage mandates. US tariffs, policy shifts and LFP dominance will drive growth to 220 GW/972 GWh by . The global energy storage sector is on track for another record year in as utility-scale projects expand into new regions.
What is the future of battery energy storage?
Demand for energy storage continues to escalate, the global battery energy storage (BESS) landscape is poised for significant installation growth and technological advancements.
Will battery storage grow in ?
In the United States, the introduction of the Inflation Reduction Act included an investment tax credit for stand-alone storage. Since then we have seen huge growth in the sector in the US, and we expect to see this to continue into , with several large-scale battery storage projects set to complete in .
Is energy storage on track for a record year in ?
The global energy storage sector is on track for another record year in as utility-scale projects expand into new regions. BloombergNEF (BNEF) forecasts that developers will add 94 gigawatts (247 gigawatt-hours) of battery capacity this year, a 35% increase over and the highest annual total to date (excluding pumped hydro).
Will Saudi Arabia become the world's 7th largest battery storage market?
Saudi Arabia is set to become the world's 7th largest battery storage market by , according to Wood Mackenzie's forecasts. The kingdom has already developed a 13 GWh project pipeline with plans to reach 70 GWh by . Other emerging markets are following suit.
How much battery capacity will developers add in ?
BloombergNEF (BNEF) forecasts that developers will add 94 gigawatts (247 gigawatt-hours) of battery capacity this year, a 35% increase over and the highest annual total to date (excluding pumped hydro). Through , BNEF expects the market to grow at a 14.7% compound annual rate, reaching annual additions of 220 GW/972 GWh.
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