The global energy storage market added 175,4 GWh of installed capacity in 2024, with China, the Americas and Europe ing for more than 90% of installations, according to a study published by Infolink Consulting.
For 2025, the research and consulting firm believes that the segment should maintain its growth trajectory, with new installed capacity reaching 221,9 GWh, an increase of 26,5% compared to the recently released figures.
“This trend may highlight that declining costs in recent years have ushered energy storage into an era of accelerated diversification in the global market,” Infolink said.
Regionally, China, the Americas and Europe are expected to show steady growth this year, while emerging markets, led by the Middle East and Africa, will start to pick up steam, causing the combined share of installations from China, the Americas and Europe to fall below 90% this time around.
Europe
The European energy storage market added 19,1 GWh of installed capacity in 2024, an increase of 12,4% compared to the previous year, with the scenario changing dramatically throughout the year.
On the continent, Italy has become the largest market for energy storage through Front of the Meter installations, suring and the UK.
According to Infolink, the European market is expected to add almost 27 GWh of new installed capacity in 2025, an increase of 41% compared to the previous year, with the following forecasts.
By country, Italy is expected to maintain its leading position. However, as utility-scale storage projects in Spain, Belgium and other countries gradually come online, the European market should no longer be dominated by Italy.
Americas
The Americas energy storage market added 41,3 GWh of installed capacity in 2024, up 53% from the previous year, with the United States and Chile as the main driving forces.
The North American market is driven primarily by Front of the Meter projects, which for more than 90% of installed capacity, with the states of California and Texas leading installed capacity in the country, with more than 65% of the total.
Additionally, the average storage duration for projects nationwide is 3,1 hours, with California averaging 4 hours.
The Chilean market has also been driven by the Front of the Meter market, with 2024 projects having been concentrated in Antofagasta and Atacama, key lithium regions.
Total capacity sured 30 GWh by the end of the year, with more than 2 GWh added last year. Energy storage capacity in the Americas is estimated to increase by 33% year-on-year to 55 GWh in 2025.
Forecast by region
Following the inauguration of Donald Trump as the new president of the United States, uncertainty in the energy storage market has increased in the country, according to Infolink.
The company believes there is a chance that the stimulus policies could face delays or cancellations, causing US capacity growth to remain just above 20% in 2025.
Meanwhile, the Chilean market is expected to grow steadily, with more than 3 GWh of new capacity expected this year, driven by stable energy needs for lithium extraction.
“Ontario’s tenders could increase capacity in Canada from 2025 onwards, with annual additions likely to exceed 2 GWh,” the study notes.
Middle East and Africa
The year 2024 marked the beginning of energy storage projects in the Middle East and Africa, with 2,7 GWh of capacity, with the volume of ongoing tenders exceeding 40 GWh, mainly in the United Arab Emirates and Saudi Arabia.
In the region, Chinese-funded companies led and won the majority of announced projects. “Intense competition has driven down bid prices compared to other regions,” Infolink reports.
Overall, capacity is expected to grow 381% to 13 GWh by 2025, making the region the fastest growing region globally. Saudi Arabia is expected to lead the way, with major projects from BYD (2,6 GWh) and Sungrow (7,8 GWh).
Conclusions
According to Infolink, non-Chinese emerging markets are expanding and becoming more regionally diverse. To capitalize on this trend, manufacturers must focus on market insights and plan for new opportunities.
“The development of energy storage has become a global consensus. It was announced at COP 29 in late 2024 that global storage capacity will increase to 1.500 GW by 2030, more than six times the 2022 level. As a result, InfoLink maintains a cautiously optimistic outlook for the medium to long-term development of energy storage systems.”
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