Global Battery Storage Expands 200GWh in 2024 Led by China, US, Europe

The global battery storage market is rapidly expanding, driven by the increasing integration of renewable energy sources such as wind and solar, which require reliable storage solutions to balance supply and demand. In 2024, global battery storage capacity reached approximately 375 GWh, with projections forecasting a ninefold increase by 2040; China leads this growth, followed by the United States and several European countries. In Australia, the Tomago Battery Energy Storage System, a 500MW project with four hours of storage capacity, exemplifies efforts to enhance grid stability and support the transition away from coal-fired generation. However, Australia's Battery Stewardship Scheme faces criticism for focusing primarily on recycling and waste management rather than incentivizing repair, refurbishment, and second-life uses, lagging behind European approaches that monetize circular economy practices. Meanwhile, Nobel laureate Stanley Whittingham highlighted ongoing challenges in battery innovation, emphasizing the need to improve energy density and safety, and the importance of long-term, localized manufacturing efforts. Additionally, the battery supply chain is under pressure from trade disputes, resource bottlenecks, and geopolitical risks, with companies urged to build resilient, sustainable supply chains to capitalize on the surging demand for electric vehicles and energy storage.