Battery Oversupply and Price Drops Challenge Energy Storage Amidst Rising Protectionism Globally

Global battery oversupply and faster-than-expected price drops are occurring amidst rising protectionism. Tesla deployed 31.4 GWh in 2024, a 213% increase from 2023. Bloomberg New Energy Finance forecasts almost 2.4 TWh of battery energy storage by 2030. Batteries are projected to surpass pumped hydro storage (PHS) in power output by 2025 and in energy storage capacity by 2030.