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Battery Storage Is The Leading Energy Investment In 2024

By Shubhendra Anand , 20 May, 2024

Energy storage is the main component in the clean energy transition as it facilitates the storage and discharge of energy. Battery storage is expected to support clean energy transition in the upcoming years. A survey shows battery storage can be a great asset in the energy investment sector in 2024.

Based on a survey from the International Energy Agency (IEA), battery storage was the leading technology to support the energy sector in 2023. Experts believe that battery storage is expected to double in 2024. It is mainly due to the clean energy transition that energy storage is considered for better performance. Renewable energy is needed for the greener transformation to accelerate the clean energy transition in 2024. Renewables like solar and wind energy are the main components facilitating the clean energy transition in 2024. Batteries are needed mainly for clean energy transition. This is due to the increased usage of batteries in the grids, solar home systems, electric vehicles, and other uses worldwide. Electric vehicles account for most batteries, with 14 million new electric cars in 2023. However, it is expected that electric vehicles will double in 2024. The electric vehicles sector witnessed around 40 percent growth in 2023, and the same is expected for the year 2024

Experts believe that the growth of electric vehicles will ultimately lead to the development of battery storage. According to the data from 2023, 85 gigawatts of battery storage was used in the power sector dedicated to the electric vehicles sector. It is reported that 90 percent of the demand for lithium-ion batteries 2024 will be in the energy sector. The growing demand for electric vehicles to support clean energy transition is due to the increasing demand.

Battery Storage Is The Leading Energy Investment In 2024

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Shubhendra Anand

Head Research