China is the biggest BESS market by installed capacity, but other markets are growing at a much faster rate – in 2027, Canada’s amount of installed BESS is expected to be 61 times higher than it was in 2024, while Saudi Arabian and Australian BESS markets also poised for explosive growth
China is by far and away the largest battery energy storage system (BESS) market in terms of installed capacity. In 2024, the country had 215.5GWh of installed capacity – according to statistics from data company Benchmark Mineral Intelligence Limited – and this is expected to grow to 721.2GWh by 2027. In this scenario, it will have meant that the amount of installed BESS capacity in China will have multiplied by approximately 3.3 over the three-year period – simply put, China will have more than three times as much installed BESS capacity in 2027 than it did in 2024.
However, the data reveals that, while China will still be the largest BESS market in terms of installed capacity in 2027, there are other markets that will grow at a much faster rate over the period. Indeed, such will be the growth of non-Chinese markets that it is anticipated that China’s share of global installed BESS capacity will drop to just over 50 per cent in 2027, down from approximately two-thirds in 2024. So which countries will see the fastest-rates of growth over the period 2024 to 2027? Here, Energy Storage Report ranks the 10 fastest growing BESS markets in terms of installed capacity (based on data from Benchmark Mineral Intelligence Limited):
1. Canada
2024 capacity: 0.3GWh
2027 capacity: 18.3GWh
Amount by which size of installed capacity will multiply from 2024-27: 61 times
Recent developments: In December of last year, Boralex and Six Nations of the Grand River Development Corporation (SNGRDC) closed a $538 million financing for the Hagersville Battery Energy Storage Park, located in Haldimand County, Ontario, Canada. With a capacity of 300 MW / 1,200 MWh, the park will be the “biggest battery energy storage project to date in Canada once it reaches commissioning”, a Boralex statement said. Also last year, it was announced that Canadian Solar subsidiary e-STORAGE, has secured a contract from Nova Scotia Power to develop flagship energy storage projects across three locations in Nova Scotia, Canada: Bridgewater, Waverley, and White Rock. The projects total 150 MW / 705 MWh.
2. Saudi Arabia
2024 capacity: 1.3GWh
2027 capacity: 32.4GWh
Amount by which size of installed capacity will multiply from 2024-27: 25 times
Recent developments: In January this year, it was announced that Saudi Arabia had officially connected its largest battery energy storage system (BESS) to the grid, the 500 MW/2000 MWh BESS development in Bisha, in the southwestern Saudi Arabian province of Asir. The Bisha battery storage facility, owned by Saudi Electric Company (SEC), includes 122 prefabricated storage units that were supplied by China’s BYD. Meanwhile, in May last year, it was announced that PV inverter and energy storage system provider Sungrow had formed a strategic partnership with Larsen & Toubro to supply 165MW of PV inverters and 160MW/760MWh of energy storage systems for AMAALA, a tourist destination in Saudi Arabia.
3. Australia
2024 capacity: 5.6GWh
2027 capacity: 102.9GWh
Amount by which size of installed capacity will multiply from 2024-27: 18 times
Recent developments: Last month, Quinbrook Infrastructure Partners, in partnership with CATL, announced plans to deploy 3GW of eight-hour long-duration battery storage in Australia. Also last month, Equis Australia reached a A$260 million financial close and commenced construction on the Calala battery energy storage system, a 250MW/500MWh project located in Tamworth, New South Wales, Australia.
4. Chile
2024 capacity: 3.8GWh
2027 capacity: 41GWh
Amount by which size of installed capacity will multiply from 2024-27: 10 times
Recent developments: Last year, Spain-headquartered Grenergy achieved financial close on the $345 million phase 1 and 2 of Oasis de Atacama, what it describes as the “world’s largest storage project”, located in northern Chile. Also in 2024, Copenhagen Infrastructure Partners, through its Growth Markets Fund II (CI GMF II), took a final investment decision on the 220 MW / 1,100 MWh Project Arena battery energy storage system in the Antofagasta Region of northern Chile.
5. Uzbekistan
2024 capacity: 0.6GWh
2027 capacity: 5.9GWh
Amount by which size of installed capacity will multiply from 2024-27: 9 times
Recent developments: In May last year, Voltalia signed two new energy storage partnership agreements for the 126MW Sarimay solar power plant in Uzbekistan. The agreements mean that 50MW / 100MWh of battery storage will be added to the solar plant – which is now under construction – in addition to the creation of a 500MW / 1000 MWh battery complex.
6. India
2024 capacity: 0.5GWh
2027 capacity: 4.3GWh
Amount by which size of installed capacity will multiply from 2024-27: 8 times
Recent developments: Earlier this year, Indian integrated power generation company NTPC launched a 160MWh CO2 battery energy storage project, which will be executed on a turnkey basis by Triveni Turbine along with technology partner Energy Dome. The project will be located at NTPC’s Kudgi plant premises in the Indian state of Karnataka. In 2024, investors International Finance Corporation, ADB and DEG made a $275 million investment in Indian renewable energy platform Fourth Partner Energy (FPEL), which develops battery storage, hybrid renewables and floating solar projects.
7. Belgium
2024 capacity: 0.7GWh
2027 capacity: 5.3GWh
Amount by which size of installed capacity will multiply from 2024-27: 7.6 times
Recent developments: It was announced last year that GIGA Storage is to develop what it has described as the “largest battery in Europe”, a 600MW / 2,400MWh energy storage project in Dilsen-Stokkem, Belgium. The project, which is located near to a 380kV Elia high-voltage station – run by Elia, the Belgian high voltage transmission system operator – will be able to store enough energy to meet the needs of 330,000 families, a GIGA Storage statement said. Also last year, TotalEnergies revealed plans to develop a 25MW / 75MWh battery on the site of its Feluy depot in Belgium.
8. UK
2024 capacity: 7.5GWh
2027 capacity: 56.3GWh
Amount by which size of installed capacity will multiply from 2024-27: 7.5 times
Recent developments: In January this year, Fidra Energy secured planning consent to build and operate the 1,400MW / 3,100MWh Thorpe Marsh battery storage site in Yorkshire in the UK. The project will be the “largest battery storage project in the UK, and one of the largest in Europe”, a Fidra statement said. This year has also seen Firstway Energy receive planning consent for three UK energy storage projects with a combined capacity of 400MW. The three projects are: the 200MW Capenhurst project; a 100MW project at Illey Lane, Dudley; and a 100MW project at Bicker, Boston. Firstway said the Capenhurst scheme – which was approved by Cheshire West and Chester Council – will store “enough energy to power 647,590 homes”. Elsewhere, renewable energy storage specialist Apatura has secured planning permission from the Scottish Government’s Energy Consents Unit for a 400MW capacity battery energy storage system (BESS) at Denny near the village of Plean, five miles south-east of the city of Stirling in central Scotland. Meanwhile, in January, Statera Energy acquired the rights to build a 680MW battery energy storage system (BESS) project in Manchester from energy infrastructure company Carlton Power.
9. South Africa
2024 capacity: 1.3GWh
2027 capacity: 9.4GWh
Amount by which size of installed capacity will multiply from 2024-27: 7.2 times
Recent developments: In December last year, three battery energy storage projects in South Africa – led by EDF group in collaboration with Mulilo, Pele Green Energy and Gibb Crede, and with a total capacity of 257MW and 1,028MWh of storage – reached a $387 million financial close. The consortium raised the debt funding from the Standard Bank of South Africa and ABSA to finance the projects. The Oasis projects will operate under a 15-year power purchase agreement with Eskom, South Africa’s public utility. Meanwhile, in April last year, Globeleq’s 153 MW / 612 MWh Red Sands project in the Northern Cape was awarded preferred bidder status in South Africa’s Energy Storage Capacity Independent Power Producer Procurement Programme (ESIPPPP).
10. Germany
2024 capacity: 1GWh
2027 capacity: 6.2GWh
Amount by which size of installed capacity will multiply from 2024-27: 6.2 times
Recent developments: Last month, RWE confirmed it is to build three new battery parks with a total installed capacity of around 600MW – and a storage capacity of 1.2GWh – on the site of the Westfalen power plant in Hamm in North Rhine-Westphalia, Germany. RWE said it was investing a “mid-three-digit million euro sum” on the construction of the project. Meanwhile, in December last year, it was reported that Munich-based Kyon Energy is to build a 102MW / 204 MWh energy storage facility in Brilon-Nehden, North Rhine-Westphalia.
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