8%, the global battery energy storage system market is projected to grow from USD 50. In the past five years, over 2 000 GWh of lithium-ion battery capacity has been added worldwide, powering 40 million electric vehicles and thousands of battery storage. . China is on target to add 100GW of new energy storage capacity over 2025-27, more than doubling total capacity to 180GW by the end of 2027 compared with 2024, according to a government action plan issued in September. The US added. . Each quarter, new industry data is compiled into this report to provide the most comprehensive, timely analysis of energy storage in the US. All forecasts are from Wood Mackenzie Power & Renewables; ACP does not predict future pricing, costs or deployments. Media inquiries should be directed to. . With a CAGR of 15. Increasing integration of. . This chapter describes recent projections for the development of global and European demand for battery storage out to 2050 and analyzes the underlying drivers, drawing primarily on the International Energy Agency's World Energy Outlook (WEO) 2022. When renewable power production exceeds demand, batteries store excess electricity for later use, therefore allowing power grids to accommodate higher shares. .
