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Research Reports

[Selected Topics] Global Forecast for Energy Storage Demand


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In 2022, the Russo-Ukrainian conflict triggered a global energy crisis, which prompted countries worldwide to recalibrate their energy development strategies and accelerate the deployment of renewable energy. Amid the influx of renewable energy from primary sources like wind and solar onto the grid, energy storage has played a crucial role in alleviating the strain on the grid. This role has led to explosive growth in demand for installed capacity. However, a shortage of shipping capacity and labor force in Europe has impeded the full release of energy storage installation demand in 2022. As the cost of energy storage systems drops in 2023 and as various countries roll out a wide range of incentives, TrendForce predicts a further growth in the global demand for energy storage installations.

Table of Contents
1. Global Energy Storage Market Review and Forecast
  (1)  Approximately 35GW/78GWh of energy storage installations worldwide in 2023 (neutral expectation)
 (2) China, the US, and Europe are the global leaders in energy storage demand, with substantial development in large-scale and household storage

2. Analysis of Development Trends in Key Regional Markets
  (1) China added 6.9 GW of new energy storage installations in 2022
 (2) In 2022, Germany achieved high growth in energy storage installations, with residential storage continuing to dominate the country’s energy storage demand
  (3) The US energy storage market continued to grow in the first three quarters of 2022, indicating strong market demand

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