Europe’s annual battery storage deployments doubled in 2023, but the pace of adoption is still much slower than required, according to SolarPower Europe.

Australia’s Clean Energy Council has signaled that Q1 2024 saw signs of recovery for the nation’s renewable energy generation sector but warned that investment levels must radically increase to achieve 2030 decarbonisation targets.

According to IEA and BloombergNEF, battery storage was the most invested-in energy tech, with biggest-ever growth in deployments recorded.

Europe has seen its first year when energy storage deployments by power capacity exceeded 10GW in 2023.

According to Wood Mackenzie, energy storage deployment numbers in the US broke records for three successive quarters with previous records “shattered” to finish the year.

Tesla’s energy storage and generation revenues have tripled since 2020, largely driven by deployments of Megapack battery storage systems.

The US energy storage industry’s upward growth trajectory has seen another record-breaking quarter, with 2,354MW and 7,322MWh of deployments in Q3 2023, according to Wood Mackenzie.

The US’ installed base of utility-scale battery energy storage systems (BESS) increased by 80% in 2022, as the industry had a record-breaking year.

Europe reached 4.5GW of battery storage capacity last year and could hit 95GW by 2050, according to figures from LCP Delta and Aurora Energy Research respectively.

Nearly double the megawatt-hours of large-scale BESS under construction in Australia by the end of 2022 compared to 2021.