How is the global BESS market expected to grow?
According to our estimates, the size of the global BESS demand is expected to reach USD 50-55 billion with a 22% growth per annum in 2032. US and China can capture more than half of the global demand, while Europe constitutes 10-15% with Germany and UK (United Kingdom) as the leading markets.
The growing share of renewables reaching to nearly 60% in the global energy installed capacity in 2030 (Source: IEA World Energy Outlook 2022), industry demand with the increasing electricity wholesale prices, and decreasing battery pack prices are expected to become the most critical growth drivers. Furthermore, key regulations in mature energy markets (i.e., US, UK, and Germany) support the growth of BESS capacities with capacity obligations, nation-wide or state-level targets and tax exemptions.