, the International Energy Agency IEA has revealed. Strong growth was recorded for utility-scale battery projects, mini-grids, solar home systems and behind-the-meter batteries, adding a total of 42 GW of battery storage capacity globally. However, electric vehicles continue to account for the vast majority of batteries used in the sector, with 14 million new electric cars hitting the records in 2023, good for a 40% growth clip in deployments.
Last year, at the COP28 climate summit, the world’s governments set a goal to triple their respective renewable energy capacity. The IEA estimates that energy storage needs to increase six-times for the world to achieve that goal while maintaining electricity security. To deliver this, battery storage deployment must continue to increase by an average of 25% per year to 2030, a feat that will require action from policy makers and industry.