64+ GWh Energy Storage Revolution: Impossible Scale Just Two Years Ago

Nearly half of all the world’s battery energy storage came online in a single year. Let that sink in. A whopping 200 GWh of battery energy storage systems were added globally in 2024, pushing total operational capacity to 375 GWh. That’s massive. The scale was practically unthinkable just 24 months ago.

China’s dominating, obviously. They added over 100 GWh this year alone. The U.S. trailed behind with 35 GWh, but that’s still enough for second place. Germany, Australia, and the UK round out the top five. Not even close to China’s numbers, but hey, they’re trying.

Battery costs are plummeting. The global average cost of BESS projects has now dropped below USD 300 per kWh in 2024. Manufacturers now guarantee over 10,000 charge-discharge cycles with 80% health retention. That’s basically a decade of daily use. Pretty impressive for something that used to degrade after a couple years.

The growth isn’t slowing down. Experts predict global installed energy storage will increase ninefold by 2040, exceeding 4 terawatts. That’s trillion with a “T.” The U.S. alone saw 66% growth in cumulative operational battery storage, exceeding 26 GW in 2024. This impressive growth aligns with Connecticut’s Clean Economy Council initiatives to transition to carbon-free power sources by 2040.

China’s absolutely crushing it, accounting for over 50% of annual global energy storage build. The U.S. manages just 14%. China’s non-hydro energy storage capacity hit 55.18 GW by Q3 2024, with year-on-year growth of 119% for power capacity and a staggering 244% for energy capacity. EPC bidding volumes have shattered previous records with nearly 50 GWh in Q3 alone.

What’s driving all this? Renewables. Solar’s projected to grow more than all other energy sources combined between 2025 and 2050. Intermittent power needs storage. Simple as that.

Looking ahead to 2025, global capacity additions should grow 23%, hitting 92 GW (247 GWh). The U.S. is expected to install 15 GW, a 25% increase over 2024. Residential storage hit record levels too.