Global Energy Storage Market Outlook 2024-2026: Chinese Companies Accelerate Overseas, Installations Expected to Triple
By 2026, global new energy storage installations are projected to reach 300 GWh, with Chinese overseas shipments exceeding 120 GWh, boosting market share to 40%.
Growth Drivers
- Global carbon neutrality targets and increasing renewable energy penetration drive storage demand.
- Policy support: US IRA, EU REPowerEU, China's 14th Five-Year Plan for storage.
- Falling battery costs and stable lithium prices improve storage system economics.
Chinese Companies' Overseas Status
- In 2023, Chinese storage firms shipped about 30 GWh overseas, mainly to US, Europe, Australia.
- Top players like CATL, BYD, Sungrow build overseas factories to enhance local service.
- Facing trade barriers: US tariffs, EU carbon footprint requirements, but Chinese firms respond via tech optimization and local partnerships.
Forecast for Next Two Years
- Global new storage installations: 160 GWh in 2024, 220 GWh in 2025, 300 GWh in 2026, CAGR over 35%.
- Chinese overseas shipments: 55 GWh in 2024, 85 GWh in 2025, 120 GWh in 2026, market share rising from 30% to 40%.
- Residential storage growth slows; utility-scale dominates; C&I storage emerges as new growth driver.
Risks & Challenges
- Geopolitical risks: US-China trade friction could impact supply chains.
- Raw material price volatility: lithium, cobalt supply still unstable.
- Technology shifts: sodium-ion, flow batteries may reshape competition.
Data sources: Industry estimates, synthesizing forecasts from BNEF, IEA, Wood Mackenzie.
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