The scale of the reduction suggests that in addition to the falling cost of batteries—BNEF’s recent Lithium-ion Battery Price Survey found that battery pack prices fell 20% year-on-year to 2024, again the biggest drop recorded to date—energy storage system providers are working on cost reduction in other areas, Kikuma said.
A growing industry trend towards larger battery cell sizes and higher energy density containers is contributing significantly to falling battery energy storage system (BESS) costs.
According to BloombergNEF’s recently published Energy Storage System Cost Survey 2024, the prices of turnkey energy storage systems fell 40% year-on-year from 2023 to a global average of US$165/kWh. The research firm said this was the highest annual drop since its survey launched in 2017.
While Chinese integrators like CATL took the lead, western system integrators like Powin, Fluence and Wärtsilä have all followed suit and various BESS developers and asset operators—the system integrators’ end-customers—commented that the higher energy density systems were the only viable product for their projects.
Our BESS energy storage systems and photovoltaic foldable container solutions are engineered for reliability, safety, and efficient deployment. All systems include comprehensive monitoring and control systems with remote management capabilities.
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