Global residential energy storage shipments fell year-on-year for the first time in the second quarter of 2023, S&P Global said, amidst less energy price volatility, high inventories and rising costs.
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Global residential energy storage shipments fell year-on-year for the first time in the second quarter of 2023, S&P Global said, amidst less energy price volatility, high inventories and rising costs.
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To capitalize on this trend, manufacturers should focus on market insights and plan for new opportunities. Developing energy storage has become a global consensus. It was announced at COP29 in late 2024 that global storage capacity will increase to 1,500 GW by 2030, more than six times the 2022 level.
Photo: Handout China’s energy-storage sector is still reeling from a relentless price war after years of overproduction. Overall capacity in the new-type energy-storage sector rose by almost 10 times between 2020 and 2023, the National Energy Administration said last week.
This trend may highlight that the cost decline over the past few years has driven energy storage into an era of accelerated diversification in the global market. The European energy storage market added 19.1 GWh of installed capacity in 2024, up 12.4% YoY, with drastic changes in the ESS landscape throughout the year.
The US utility-scale storage sector saw tremendous growth over 2022 and 2023. The volume of energy storage installations in the United States in 2022 totaled 11,976 megawatt hours (MWh)—a figure surpassed in the first three quarters of 2023 when installations hit 13,518 MWh by cumulative volume.
Developing energy storage has become a global consensus. It was announced at COP29 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.
China’s energy-storage industry is facing a challenging outlook this year due to the escalating US-China trade war and weaker government support, prompting one industry group to caution against price competition.
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