company news about Global Battery Energy Storage Hits New Record With 200 GWh Added in 2024

Global — May 2025 — The global battery energy storage sector achieved a milestone in 2024, with a record 200 GWh of new capacity brought online, according to recent industry reports—boosting the total operational grid-scale storage to 375 GWh

An Upsurge in Battery Deployment

• Energy storage installations surged by 53% year-on-year, far exceeding market expectations and establishing 2024 as a breakout year for grid-scale storage deployment

• Deployment was led by China, contributing over 100 GWh, followed by the United States (∼35 GWh). Germany, Australia, and the U.K. joined the list of top five deploying countries

Falling Costs and Rising Flexibility

• Average cost of battery energy storage systems fell below USD 300 per kWh in 2024—and could drop further to around USD 60 per MWh if hardware costs continue to fall to USD 250 per kWh, improving utility arbitrage margins

• Strong technological advancements and more durable battery designs have enabled typical guarantees of 10,000+ cycles and lasting performance above 80% capacity retention

Why It Matters

• Renewable energy integration: Large-scale storage is pivotal for balancing intermittent sources like solar and wind.

• Grid stability and arbitrage value: These systems buffer demand fluctuations and offer new revenue opportunities.

• Global energy transformation: Varying sectors—from utilities to renewables to commercial projects—are rapidly recognizing storage as essential infrastructure.

2024 marked a breakthrough year for global battery energy storage, powered by lower costs and aggressive deployment. As storage capacity continues to scale, these systems will become foundational for a reliable, clean, and efficient energy grid.