Summary of the competitive status of the domestic energy storage battery industry

What is the total battery storage in use in the power sector in 2023?

In 2023, there were nearly 45 million EVs on the road – including cars, buses and trucks – and over 85 GW of battery storage in use in the power sector globally. Lithium-ion batteries have outclassed alternatives over the last decade, thanks to 90% cost reductions since 2010, higher energy densities and longer lifetimes.

How is the battery energy storage system (BESS) industry changing?

The Battery Energy Storage System (BESS) industry is experiencing transformative changes driven by technological advancements and increasing grid modernization initiatives.

What does battery storage support in the power sector?

In the power sector, battery storage supports transitions away from unabated coal and natural gas, while increasing the efficiency of power systems by reducing losses and congestion in electricity grids. In other sectors, clean electrification enabled by batteries is critical to reduce the use of oil, natural gas and coal.

What makes a successful battery energy storage system?

Success in the battery energy storage system (BESS) industry increasingly depends on companies' ability to develop cost-effective, reliable, and scalable storage solutions while maintaining strong relationships with key stakeholders across the energy sector.

Which country is the largest market for batteries?

China is currently the world’s largest market for batteries and accounts for over half of all battery in use in the energy sector today. Strong government support for the rollout of EVs and incentives for battery storage are expanding markets for batteries around the world.

What is the market share of below 30 kVA energy storage system?

The Below 30 kVA segment dominates the global energy storage system market, accounting for approximately 72% market share in 2024. This segment primarily serves applications in residential, commercial, hospital, school, college, and hotel sectors.