How Large Is the Overseas New-Energy Storage Market?
Overseas ESS markets are already large and still growing, concentrated in Asia, Europe, and the Americas, with policy and cost declines as key drivers.
The overseas new-energy storage market is already sizable and continues to expand.
1) Global scale
TrendForce estimated 2024 global new storage demand around 70 GW / 163 GWh, up roughly 36% / 43% YoY. Asia, Europe, and the Americas dominate; China, the US, and Europe together account for about 84% of demand.
2) Regional characteristics
Asia: China’s new-type storage cumulative capacity rose from 0.39 GW in 2017 to 31.39 GW in 2023 (CAGR ~108%). Australia and Japan also show stronger demand across utility and residential segments.
Europe: residential storage grew strongly in recent years; from 2024, utility-scale installations are expected to surpass residential as the main growth driver. Germany, Italy, and the UK lead. 2024 European additions were forecast around 22.4 GWh (+30.23%), with utility-scale share rising toward ~49%.
Americas: US grid-side storage is accelerating under the Inflation Reduction Act and FERC rule changes; Chile, Canada, and others are developing as well.
3) Drivers
Policy incentives (e.g. Fit for 55 / REPowerEU, IRA), technology progress and cost decline, and accelerating energy transition all support further growth.