Grids and battery storage investments worldwide 2015-2024

Global investments in power grids and energy storage reached a record high of 452 billion U.S. dollars in 2024, marking a significant increase from 416 billion U.S. dollars in 2023. As countries worldwide strive to integrate more renewable energy sources, the need for robust grids and efficient storage capabilities becomes increasingly crucial, driving up the investment in grid infrastructure.

Rapid growth in battery storage capacity

The substantial investments in grids and storage are set to drive remarkable growth in global battery storage power capacity. Projections indicate an exponential increase from 52 gigawatts in 2022 to 945 gigawatts by 2050. This growth is essential for balancing intermittent renewable energy sources and ensuring grid stability. China currently dominates the battery manufacturing sector, accounting for over 80 percent of global capacity in 2023. However, other countries are also making significant strides, with Germany emerging as the second-largest market worldwide in 2023, and the United States expected to surpass it by 2027.

Global clean energy investment landscape

The investments in grids and storage are part of a broader trend in clean energy funding. In 2023, global investment in clean electrification reached 1.34 trillion U.S. dollars, with projections indicating a growth of over 20 percent by 2030. However, investments in clean energy technologies are required to almost double by 2030 to limit global warming to 1.5 degrees Celsius, with annual spending in clean power alone required to reach 2.3 trillion U.S. dollars.