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Top 10 Growth Opportunities for Energy Storage, 2025

Energy Top 10 Growth Opportunities for Energy Storage, 2025

The Decade of Energy Storage Continues with Strong Growth Forecast

INDUSTRY
Energy

RELEASE DATE
29-Apr-2025
REGION
Global
DELIVERABLE TYPE
Market Outlook

RESEARCH CODE
MHB4-01-00-00-00
SKU
EG_2025_33463
Yes
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$2,450.00
In stock
SKU
EG_2025_33463

Top 10 Growth Opportunities for Energy Storage, 2025
Published on: 29-Apr-2025 | SKU: EG_2025_33463

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The 2020s have been dubbed the decade of energy storage, and 2024 confirmed this to be true. Battery energy storage CAPEX surged to $65.6 billion, up from $48.9 billion in 2023. This was achieved despite a reduction in battery pack costs in 2024 that meant project costs declined by around 10% across all geographies. The ongoing clean energy transition, driving intermittent wind and solar capacity and the retirement of fossil-fuel-based generation plants, requires critical services to balance the electricity system. BESS has emerged as the most effective solution for this purpose. Market revenues are forecast to more than quadruple to reach just under $300 billion by 2035, scaling from a global annual capacity of 67.0 GW/165.6 GWh to reach 277.3 GW/1,100.0 GWh at the end of the decade. Non-battery storage investment levels are lower, but they represent a significant growth opportunity, particularly to enable longer duration energy storage and the electrification of industrial heat.

Author: Jonathan Robinson

Table of Contents

Strategic Imperatives

Top 10 Growth Opportunities

Growth Opportunity 1: Competition Intensifies in the Industry

Growth Opportunity 2: Solar-Self Consumption on the Rise

Growth Opportunity 3: Globalisation of the Industry Gains Pace

Growth Opportunity 4: AI-powered Software to Optimize Battery Dispatch and Increase Margins

Growth Opportunity 5: Battery Health as an Area for Differentiation

Growth Opportunity 6: Virtual Power Plants

Growth Opportunity 7: Merchant Batteries

Growth Opportunity 8: Stationary Batteries to Support Electric Transportation

Growth Opportunity 9: Regulations Driving the Business Case for LDES

Growth Opportunity 10: Thermal Energy Storage

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The 2020s have been dubbed the decade of energy storage, and 2024 confirmed this to be true. Battery energy storage CAPEX surged to $65.6 billion, up from $48.9 billion in 2023. This was achieved despite a reduction in battery pack costs in 2024 that meant project costs declined by around 10% across all geographies. The ongoing clean energy transition, driving intermittent wind and solar capacity and the retirement of fossil-fuel-based generation plants, requires critical services to balance the electricity system. BESS has emerged as the most effective solution for this purpose. Market revenues are forecast to more than quadruple to reach just under $300 billion by 2035, scaling from a global annual capacity of 67.0 GW/165.6 GWh to reach 277.3 GW/1,100.0 GWh at the end of the decade. Non-battery storage investment levels are lower, but they represent a significant growth opportunity, particularly to enable longer duration energy storage and the electrification of industrial heat.

Author: Jonathan Robinson
More Information
Deliverable Type Market Outlook
Industries Energy
No Index No
Is Prebook No
Keyword 1 Energy storage opportunities
Keyword 2 Battery storage market
Keyword 3 Renewable energy storage
Podcast No
Predecessor K9BF-01-00-00-00
WIP Number MHB4-01-00-00-00