Author InfoLink
Updated November 17, 2021

The world will hit 24 GWh of energy storage installations in 2021

Although the energy storage market was pummeled by the lower-than-expected PV installations, owing to the pandemic and raw material price surges, the world accelerated its march towards energy transition and green policies regarding issues such as carbon emissions or electric vehicles. This made known to the public that a worldwide energy transition is well under its way. Spurred by incentive policies and renewable energy schemes, the energy storage industry is bound to prosper. In 2020, the world added 10 GWh of electrochemical energy storage capacity. InfoLink Consulting projected that installations of new storage will grow more than double this year, reaching 24 GWh, and 70 GWh by 2025, translating to a 45% compound annual growth rate. China and the U.S. will together amass 75% of market share, with China seeing the most astounding growth, underscoring the two countries’ urgent demand for energy storage.  

Global electrochemical energy storage market size

Solar-plus-storage deployment to surpass 30 GWh by 2025

China and the U.S. are the two largest energy storage markets. Surging renewable energy penetration in the two countries shows that energy storage is the most promising resource in renewable energy generation systems. China, for instance, has more than 260 GW of installed PV capacity, with 67% of which being centralized power stations. Doubled with supportive local policies, China is going to be the world’s largest front-of-the-meter (FTM) solar-plus-storage market. As shown in InfoLink’s forecast chart, China will outgrow the U.S. in recent years. By 2025, global solar-plus-storage market will expand to 30 GWh, with more than 50% of deployment in most countries (regions), as projected by InfoLink. That is say, on the road towards energy transition, solar energy and energy storage are destined to advance hand in hand. By looking into a region’s renewable energy development, such as solar energy and wind energy, we can have a peek preview on its future development of energy storage.  

Global solar pius storage market size

* For more solar-plus-storage market analysis, contact for the 2H21 Solar-plus-storage Global Market Report

Global Lithium-Ion Battery Supply Chain Database 2023

Database contains the global lithium-ion battery market supply and demand analysis, focusing on the cell segment in the ESS sector. We compile detailed data on various businesses' capacity, production, and shipments, as well as segmenting the market applications such as FTM, BTM-C&I, and BTM-Residential.

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Global Lithium-Ion Battery Supply Chain Database 2023