The battery energy storage market will reach US$10.8 billion in 2026, led by the Asia-Pacific region

According to the research of Mottcell New Energy, a total of 20.84GW of battery energy storage systems have been deployed globally by the end of 2021. It is expected that this number will rise to 92.22GW by 2026, when the battery energy storage market will reach 10.84 billion US dollars.

Mottcell New Energy predicts that by 2030, the cumulative scale of energy storage systems (excluding pumped storage power generation facilities) deployed in the Asia-Pacific region will reach 365GW/912GWh, compared with 27GW/56GWh by the end of 2021. 58GW/178GWh is expected to be deployed in 2030, which will be five times the 10GW/22GWh deployed in 2021. Lithium-ion batteries have been used in nearly all grid-scale battery storage projects in recent years.

Energy storage systems (MW) deployed in various regions of the world from 2010 to 2030

Battery energy storage systems have a variety of uses. Richard Braakenburg, head of equity investment at energy storage investor SUSI Partners, said a large part of the value of battery energy storage technology is its versatility. "The key advantage is that it is a Swiss army knife for the electricity market."

"Battery energy storage systems are increasingly being used to address issues caused by policy or regulatory inertia, whether it's a problem with the transmission network in Australia or grid congestion in some markets in the United States," said Mottcell New Energy. "Because of the cost of energy storage deployment a lot has been dropped and this will become more widely used.