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ARTICLE · 19 AUGUST 2025

Navigating The Battery Storage Boom

Around the world, countries large and small have set goals, legislation, and financial incentives to transition towards decarbonized societies and economies in the so-called "global green energy transition."

CanadaGovernment, Public Sector

Co-authored with: Ray Wu, Tungsten Associates; Jonathan Haag, Tungsten Associates

Introduction

Around the world, countries large and small have set goals, legislation, and financial incentives to transition towards decarbonized societies and economies in the so-called "global green energy transition." As part of efforts to adapt and modernize the electrical grid to support renewable energies, battery energy storage systems ("BESSs") are being increasingly incorporated into electrical grids by public utilities and private users. The global BESS market was estimated to be worth US$7.8 billion in 2024, is projected to more than triple to US$17.5 billion by 2028 and by 2029 is projected to exceed US$25 billion.1

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