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Photographer: Krisztian Bocsi/Bloomberg NEW YORK, January 30, 2025 – Investment in the low-carbon energy transition worldwide grew 11% to hit a record $2.1 trillion in 2024, according to Energy Transition Investment Trends 2025, an annual report released today by research provider BloombergNEF (BNEF).
Growth was driven by electrified transport, renewable energy, and power grids, which all reached new highs last year, along with energy storage investment. While overall investment in energy transition technologies set a new record, the pace of growth was slower than the previous three years, when investment jumped by 24-29% annually.
While overall investment in energy transition technologies set a new record, the pace of growth was slower than the previous three years, when investment jumped by 24-29% annually. Electrified transport remained the largest investment driver, reaching $757 billion in 2024.
Global investment in the energy transition hit a record $2.1 trillion in 2024, climbing 11% from a year earlier. Mainland China has returned to the driving seat, accounting for two-thirds of the global increase seen last year. The global clean energy supply chain saw $130 billion in new investment, despite ongoing struggles with overcapacity.
After record growth in 2024, U.S. battery energy storage systems (BESS) could grow from more than 26 gigawatts (GW) of capacity—enough to power 20 million homes—to anywhere from 120 GW to 150 GW by the end of 2030, depending on the range of projections.
By far the largest sectors are electrified transport at $757 billion, renewable energy at $728 billion and power grids at $390 billion. All three of these sectors grew to new records in 2024, as did energy storage, which shrugged off headwinds to reach $54 billion.
The global industrial and commercial energy storage market is experiencing explosive growth, with demand increasing by over 250% in the past two years. Containerized energy storage solutions now account for approximately 45% of all new commercial and industrial storage deployments worldwide. North America leads with 42% market share, driven by corporate sustainability initiatives and tax incentives that reduce total project costs by 18-28%. Europe follows closely with 35% market share, where standardized industrial storage designs have cut installation timelines by 65% compared to traditional built-in-place systems. Asia-Pacific represents the fastest-growing region at 50% CAGR, with manufacturing scale reducing system prices by 20% annually. Emerging markets in Africa and Latin America are adopting industrial storage solutions for peak shaving and backup power, with typical payback periods of 2-4 years. Major commercial projects now deploy clusters of 15+ systems creating storage networks with 80+MWh capacity at costs below $270/kWh for large-scale industrial applications.
Technological advancements are dramatically improving industrial energy storage performance while reducing costs. Next-generation battery management systems maintain optimal operating conditions with 45% less energy consumption, extending battery lifespan to 20+ years. Standardized plug-and-play designs have reduced installation costs from $85/kWh to $40/kWh since 2023. Smart integration features now allow multiple industrial systems to operate as coordinated energy networks, increasing cost savings by 30% through peak shaving and demand charge management. Safety innovations including multi-stage fire suppression and thermal runaway prevention systems have reduced insurance premiums by 35% for industrial storage projects. New modular designs enable capacity expansion through simple system additions at just $200/kWh for incremental capacity. These innovations have improved ROI significantly, with commercial and industrial projects typically achieving payback in 3-5 years depending on local electricity rates and incentive programs. Recent pricing trends show standard industrial systems (1-2MWh) starting at $330,000 and large-scale systems (3-6MWh) from $600,000, with volume discounts available for enterprise orders.