Global Energy Storage Growth Trend Over Past 6 Years: 2024 New Installations Expected to Exceed 150 GWh
Based on public data and industry estimates, global new energy storage installations grew from about 10 GWh in 2019 to about 150 GWh in 2024, with a CAGR exceeding 70%, and Chinese companies hold a significant share.
Global Energy Storage Market Growth Trend Over the Past 6 Years
Market Size and Growth
- According to estimates by BNEF, IEA, and industry sources, global new energy storage installations grew from approximately 10 GWh in 2019 to about 150 GWh in 2024, with a compound annual growth rate (CAGR) exceeding 70%.
- Key drivers include declining lithium battery costs, grid integration needs for renewables, supportive policies (e.g., U.S. Inflation Reduction Act, EU REPowerEU), and maturation of electrochemical storage technologies.
Regional Distribution
- China: The largest market, accounting for over 30% of global new installations in 2024. Driven by the 14th Five-Year Plan and provincial mandates for renewable-plus-storage.
- United States: The second-largest market, boosted by ITC tax credits and state-level policies in California and Texas.
- Europe: Accelerated energy transition due to the Russia-Ukraine war, particularly strong in residential storage in Germany and Italy.
- Other Regions: Emerging markets like Australia, Middle East, and Africa are gaining traction with solar-plus-storage projects.
Role of Chinese Enterprises
- Companies like CATL, BYD, and Sungrow Power lead global battery and inverter shipments.
- In 2023, Chinese battery makers supplied about 65% of global energy storage batteries (source: SNE Research estimate).
- Through technology iterations (e.g., LFP, sodium-ion) and scale advantages, Chinese firms continuously reduce system costs.
Cost Trends
- The installed cost of lithium-ion storage systems fell from about $350/kWh in 2019 to roughly $150/kWh in 2024 (source: Wood Mackenzie estimate).
- Cost reductions are opening up commercial & industrial and residential markets.
Challenges and Outlook
- Challenges: Lithium price volatility, limited grid absorption capacity, and immature battery recycling systems.
- Outlook: Global storage installations are expected to maintain 20%-30% annual growth from 2025-2030, with Chinese companies further expanding their share through overseas factories and brand globalization.
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