The 2020s have been dubbed the decade of energy storage, and 2024 confirmed this to be true. Battery energy storage capital expenditure (CAPEX) surged to $65.6 billion, up from $48.9 billion in 2023. This was achieved despite a reduction in battery pack costs in 2024 which meant project costs declined by around 10% across all geographies. The ongoing clean energy transition, driving intermittent wind and solar capacity and the retirement of fossil-fuel-based generation plants, requires critical services to balance the electricity system.

• With revenues expected to be more than quadruple to reach just under $300 billion by 2035, how will global annual capacity scale exponentially and pave the way for growth?
  
• Which significant growth opportunities are emerging due to non-battery storage investments?
  
• How can you capitalize on growth prospects enabling longer duration energy storage and the electrification of industrial heat?