In the next 10 years, the global demand for energy storage will continue to grow rapidly. Global demand is expected to double year-on-year in 2022, despite risks from the COVID-19 pandemic and headwinds from rising commodity costs. The strong growth momentum will continue over the next 10 years, when the market will grow by as much as nine times the current demand.
More than 90% of total global energy storage demand is driven by 10 countries. Among them, energy storage demand in China and the United States is expected to account for 75% of the total demand.
The U.S. market will grow sevenfold by 2031, far outpacing the rest of the Americas region.
Europe will see a 14-fold increase in total energy storage capacity by 2031, driven by rapid growth in energy storage demand driven by reduced demand for Russian gas. In the UK, electricity prices have risen by more than 300% over the past two years, boosting commercial demand in the storage sector and will also drive further investment in the UK grid-related energy storage sector. Germany remains the market leader in residential energy storage, with the installation of rooftop solar a mandatory requirement for all new buildings in the country.
