Global Energy Storage Cabinet Supply, Demand and Key
The United States, China and Japan occupied the leading position in the installed capacity of energy storage projects, among which the United States is the world''s largest energy storage
Mainland China accounts for most of the global energy storage demand, driven in the near term by regional requirements for new utility-scale wind and solar projects to include energy storage capacity. However, the Chinese market is entering an era of change.
“Energy storage has entered a new phase of growth with its first year of double-digit deployment. We are increasingly seeing the industry's growth diversified across geographic regions, with 30% of storage capacity additions in Q4 2024 represented by New Mexico, Oregon, and Arizona,” said Kelsey Hallahan, ACP Sr. Director of Market Intelligence.
With developers continuing to add new capacity, including 9.2 GW of new lithium-ion battery storage capacity in 2024 through November 2024 and comparable levels of growth expected through the fourth quarter of 2024, energy storage investments and M&A activity are expected to continue this trajectory through 2025.
“After another year of record deployment, energy storage is solidifying its place as a leading solution for strengthening American energy security and grid reliability in a time of historic rising demand for electricity,” said ACP VP of Energy Storage Noah Roberts.
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