Energy storage market grew faster than ever in 2023, BESS was most invested-in energy tech, according to BNEF, IEA

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The International Energy Agency (IEA) and BloombergNEF reported that battery storage was the most heavily invested energy technology in 2023, with a significant increase in deployments. The IEA focused on battery storage in its report, while BloombergNEF covered the broader energy storage market, with both highlighting record investments in battery storage worldwide during the year.

In 2023, 42GW of batteries were deployed across various energy storage installations, positioning battery storage as the most invested-in commercially available energy sector technology. BloombergNEF predicts a 60% growth in global deployments in 2024, with the Asia-Pacific region, particularly China, leading the way in energy storage deployments up to 2030. Despite the significant progress in battery storage, both reports emphasized the need for continued policy support, cost reduction, and increased manufacturing capacity to meet global emissions targets and scale up deployment further.