According to BloombergNEF, global energy storage capacity has been continuously increasing, with a total addition of 16 GW last year, representing a year-on-year growth of 68%.

BNEF's Energy Storage Outlook series reports indicate that global energy storage reached a record-breaking growth in 2022. However, this growth is expected to continue in the coming years. BNEF predicts a compound annual growth rate of 23% and an annual addition of 88 GW and 278 GWh by 2030.

In 2022, Europe, the Middle East, and Africa (EMEA) added 4.5 GW of capacity. Residential batteries, especially in Germany and Italy, led the installations in the region. This trend is expected to continue until 2025 due to high retail electricity prices and government incentive programs supporting household deployments. Currently, residential installations represent the largest portion in this region.

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By 2030, the EMEA region is projected to account for 24% of the global installed capacity, reaching a cumulative total of 114 GW and 285 GWh by the end of 2030. The growth will be led by the UK, Germany, Italy, Greece, and Turkey. Planned projects in Greece, Romania, Spain, Croatia, Finland, and Lithuania will also stimulate growth.

In the coming years, the Asia-Pacific (APAC) region is likely to dominate capacity growth, accounting for 44% of the new capacity by 2030. China is expected to lead the deployments in the region, driven by local targets and mandatory renewable energy integration policies. BNEF predicts that by 2030, China will surpass the United States to become the largest energy storage market. The forecast for China has been revised upward by 66% due to new provincial storage targets, electricity market reforms, and industry expectations supporting significant new capacity.

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In Japan, the federal and local governments have announced subsidy plans for utility-scale batteries, while South Korea has set a target to achieve 25 GW (127 GWh) of energy storage capacity by 2036. Meanwhile, India has announced a plan to provide funding for 4 GWh of grid-scale batteries in its annual expenditure budget for 2023-2024.

 

Therefore, cumulative deployments in the Asia-Pacific region are expected to increase by 42% to reach 39 GW or 105 GWh by 2030.

In terms of GW, the Americas are projected to account for 21% of the global annual energy storage capacity by 2030. The United States is the largest market in the region, led by large-scale projects in California, the Southwest, and Texas. In the US, the rising battery costs resulted in the postponement of 7.2 GW of utility-scale energy storage projects last year.

In other countries in the Americas, market reforms in Chile could pave the way for greater energy storage facilities in the emerging Latin American market. Solar and wind energy production is also expected to increase in Chile and Brazil, while Mexico will face grid challenges due to insufficient investment.