2023 energy storage construction scale

How much energy storage does the world have in 2023?

As of the first half of 2023, the world added 27.3 GWh of installed energy storage capacity on the utility-scale power generation side plus the C&I sector and 7.3 GWh in the residential sector, totaling 34.6 GWh, equaling 80% of the 44 GWh addition last year. Despite a global installation boom, regional markets develop at varying paces.

Will energy storage grow in 2023?

Global energy storage’s record additions in 2023 will be followed by a 27% compound annual growth rate to 2030, with annual additions reaching 110GW/372GWh, or 2.6 times expected 2023 gigawatt installations. Targets and subsidies are translating into project development and power market reforms that favor energy storage.

How many energy storage projects are being built in 2023?

2023 also saw “record-breaking” financial commitments into new utility-scale energy storage projects. “27 battery projects are under construction, up from 19 at the end of 2022,” CEC chief executive officer Kane Thornton said. This represents 5GW/11GWh of storage capacity, the report said – up from 1.4GW/2GWh of capacity in 2022.

How big is China's energy storage in 2023?

In the first half of 2023, China's new energy storage continued to develop at a high speed, with 850 projects (including planning, under construction and commissioned projects), more than twice that of the same period last year. The newly commissioned scale is 8.0GW/16.7GWh, higher than the new scale level last year (7.3GW/15.9GWh).

How big will electrochemical energy storage be by 2027?

Based on CNESA’s projections, the global installed capacity of electrochemical energy storage will reach 1138.9GWh by 2027, with a CAGR of 61% between 2021 and 2027, which is twice as high as that of the energy storage industry as a whole (Figure 3).

How has the energy storage industry changed in 2023?

In 2023, the energy storage industry shifted gears from prosperity to intense competition, giving rise to several focal points. Examining the global energy storage market, the installation base remained relatively low from 2021 to 2023. Consequently, as market demand soared, the global installed capacity experienced double growth.