Global battery energy storage market to reach $11.04bn in 2025, says GlobalData

Published onMarch 10, 2021

The global battery energy storage is expected to reach $11.04bn in 2025, with the market increasing by close to $5bn, over the forecast period up to 2025. Global power sector transformation amid concerns over climate change, the volatility of fuel import prices, increased competition, declining costs, and suitable policy instruments have supported the proliferation of renewable energy across the world. However, shares of renewables increase and the drive to decarbonise other sectors such as transport and buildings will support the use of energy storage technologies to develop a resilient and sustainable power network. According to GlobalData, a leading data and analytics company, the role of battery storage is expected to grow significantly, as the technology will be crucial in escalating the deployment of renewables. Battery storage offers the flexibility required by the grid to support the integration of variable power generation from renewables.