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Top 10 Growth Opportunities for Energy Storage, 2025
The Decade of Energy Storage Continues with Strong Growth Forecast
29-Apr-2025
Global
Market Outlook
MHB4-01-00-00-00
EG_2025_33463
$2,450.00
Special Price $2,205.00 save 10 %
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
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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Author: Jonathan Robinson
| 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 |