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In 2024, India accounted for the most ambitious battery storage targets worldwide, planning to achieve a battery storage capacity of over 47 gigawatts by 2032. Several European nations, including Italy, Greece, and Portugal, have also established objectives for increasing their battery storage capacity by 2030.

Global growth in battery storage

The worldwide battery energy storage capacity was projected to exceed 570 gigawatts by 2030, with Asia accounting for more than half of the installed capacity. In 2024, China dominated the market, representing over 65 percent of global installed capacity for battery energy storage systems. While China's market share is expected to decrease slightly by 2027, it will remain the industry leader, followed by the United States, Australia, and Great Britain.

Battery cell production and demand trends

China's dominance extends beyond installed capacity to production and demand for battery cells. In 2023, its battery cell production amounted to 650 gigawatt-hours, surpassing demand by 25 percent. Looking ahead, global battery cell production is forecast to surpass six terawatt-hours by 2035, with China alone contributing more than 60 percent of global battery production by that year.