As more nations across regions commit to generate more than 50 percent of power from renewable energy by 2030 and modernize their regulations to accommodate flexible assets, the global grid battery storage capacity will likely reach 134.6 gigawatts (GW) by 2030 from 8.5GW annual capacity additions in 2020. As a result, the market is estimated to reach $15.94 billion by the end of the decade from $2 billion in 2020, an uptick at an impressive compound annual growth rate of 23 percent, according to Frost & Sullivan.
"With climate change and environmental sustainability at the center of national agendas, battery storage systems deployment is crucial to support the transition to higher levels of clean electrification relying primarily on variable renewable energy sources," said Maria Benintende, energy & environment research analyst at Frost & Sullivan. "Additionally, the increasing power demand and generation assets distant from consumption centers necessitate transm
