Luton, Bedfordshire, United Kingdom, June 23, 2025 (GLOBE NEWSWIRE) — Battery & Energy Storage Market Report: 2024–2025 Overview
Foreword & Key Quotes
Battery energy storage is now pivotal to the global energy transition—supporting grid reliability, enabling renewable integration, and fostering innovation in new chemistries and domestic manufacturing.
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- Vittoria Bellissimo, CEO of CanREA (Canada Renewable Energy Assoc.) on Alberta’s drive for energy storage (2025):
“Storage provides many different services to the electricity grid… and the cost of storage has fallen by more than 90% in the past 15 years. It is time to leverage this to our advantage.”
- Terje Pilskog, CEO of Scatec (Feb 2025):
“Solar panel prices have dropped 66% and battery systems 58% in the past few years… now renewables can be used in many more situations.”
- Joe Mastrangelo, CEO, Eos Energy (U.S., zinc-based LDES):
“We can still build things in the U.S.” Manufacturing shifted back, with nonflammable batteries now rolling off at high volumes.
- Reuters/FT on China vs Korea:
“Chinese batteries account for nearly 90% of global capacity… despite U.S. tariffs offering hope to Korean firms.”
These insights reflect converging trends: dramatic cost reductions, grid-scale deployments, and geo‑economic races shaping manufacturing and trade policy.
Market Size & Growth
- Global BESS Market:
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The global Battery Energy Storage System (BESS) market is poised for significant growth, valued at approximately $10.5 billion in 2024. This market is expected to reach around $32 billion by 2034, driven by increasing demand for renewable energy integration, grid stability, and energy efficiency initiatives. The projected Compound Annual Growth Rate (CAGR) for the period from 2025 to 2034 is estimated at 12.5%, reflecting the robust momentum in energy storage technologies.
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The market value for the Environmental, Social, and Governance (ESG) sector is estimated at approximately $1.7 trillion. Forecasted growth indicates a market value reaching around $3.5 trillion by 2034, reflecting increased consumer and investor demand for sustainable practices across industries. This projection suggests a robust Compound Annual Growth Rate (CAGR) of about 7.5% during the forecast period from 2025 to 2034.
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- Alternative Forecast: Asia‐Pacific-leading ESS market to grow from USD 3.16 B (2024) to USD 10.3 B by 2033 (14% CAGR).
- Regional Highlights:
- Asia-Pacific dominated at USD 13.3 B in 2024, led by China’s cell manufacturing.
- North America and Europe ramping BESS spend via grid modernization and renewables mix.
- Residential U.S. Li-ion BESS valued at USD 1.52 B (2024), expected to hit USD 1.99 B in 2025, and USD 5.09 B by 2032 (CAGR 14.4%).
Key Market Events (2024–2025)
- 24 GWh of large-scale battery deployment in U.S. (2024) — a 71% annual increase; California led with 11 GWh.
- Alberta Energy Storage Conference (2025) — industry call for broader deployment as costs slashed by >90%.
- Nova BESS (680 MW) & European Mega-Projects — Belgium’s Green Turtle (600 MW/2.4 GWh) and U.S. utility-scale builds underway.
- Tariff-driven geopolitics — U.S. imposes 155–173% tariffs on Chinese ESS, prompting South Korean makers to expand.
- Grid-scale supply contracts — NEV Energy’s 440 MWh Reid Gardner backup system significantly eased customer bills.
- UK zonal pricing debate — developers advocate for region-based pricing to align grid investment signals.
Strategic Company Developments
- CATL: China-based lithium-ion titan with 40% global ESS market share; capacity >1.5 TWh by 2027.
- BYD: Ranks #2 in ESS manufacturing with 17% share; emerging blade and sodium-ion tech.
- LG Energy Solution, Panasonic, Samsung SDI: Korean and Japanese leaders pivoting to LFP and building U.S./Europe capacity.
- Eos Energy: Domestic zinc-based long-duration storage; scaled U.S. production from few staff to 500+ employees.
- Enerpoly: Zinc-ion innovator partnering with Rockwell for European supply chains and recycling infrastructure.
- Neoen: French renewables player with >2.3 GW / 5.3 GWh of global battery assets, including Hornsdale and Collie.
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Funding & Investment Highlights
While large ESS projects often involve cap-ex and utilities, notable investments include:
- RWE’s 220 MW German BESS as part of nuclear phase-out.
- Giga Storage’s 600 MW Belgium project (Green Turtle) underway.
- Eos Energy headquartered in U.S., private funding enabled domestic manufacturing growth.
Government Initiatives & Policies
- FERC Order 841 (U.S.) — enabling storage participation in markets; California SGIP & ITC drives residential BESS.
- Geo‑economic tariffs — U.S. measures restrict Chinese battery imports to strengthen domestic and Korean capacity.
- Canada’s energy storage incentives — regulatory alignment and hydro-Québec pilot …