🔋 Global energy storage increased by 76% in 2024

• Global energy storage installations reach 69 gigawatts and 169 gigawatt-hours in 2024, an increase of 76 percent compared to the previous year.
• The energy storage market will grow to 228 gigawatts by 2035, ten times larger than today.
• China leads the development followed by the US, with strong growth in countries like India, Germany, Italy, the UK and Australia.

Strong growth in world's energy storage

The global market for energy storage grows by 76 percent in 2024 and reaches 69 gigawatts with a capacity of 169 gigawatt-hours. According to BloombergNEF, the market will continue to grow in the coming years and reach 228 gigawatts by 2035.

China accounts for the largest share of growth, followed by the US in second place. Other key markets are India, Germany, Italy, the UK, Australia and Japan.

26 regions in China, 13 US states and seven countries have set goals for energy storage. The countries include Australia, South Korea, India, Greece, Italy, Spain and Turkey.

Governments have approved billions of dollars in support programs to attract investments in energy storage capacity. The support is needed to keep pace with the expansion of solar and wind power.

The costs of support are decreasing thanks to lower battery costs and increased volatility in electricity prices in markets with a high share of renewable energy.

Lithium iron phosphate dominates the technology

Lithium iron phosphate (LFP) will remain the dominant battery technology for energy storage until 2035. This is due to lower cost and longer life compared to nickel-based lithium-ion batteries.

Chinese battery manufacturers are increasing their production capacity. Companies outside China, such as LG Energy Solution, Samsung SDI, Panasonic and Freyr, are also investing in manufacturing energy storage products with LFP technology.

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