Saudi Battery Storage Market Poised for $1.69 Billion Expansion by 2030
The Saudi Battery Storage Market is projected to reach $1.693 billion in revenue by 2030, growing at a 35.9% CAGR from 2024 to 2030. This rapid expansion is driven by the country’s recent achievement of securing a position among the top ten global energy storage markets, fueled by large-scale investments and advancements in battery technology that enhance grid efficiency and renewable energy integration.
Saudi Arabia’s Battery Storage Revenue to Surge from $197.6M to $1.69B
In 2023, Saudi Arabia’s battery storage market generated $197.6 million in revenue. This figure is expected to increase nearly ninefold within the next seven years, fueled by massive infrastructure investments such as the Bisha Battery Energy Storage System—a 500 MW/2,000 MWh facility, one of the largest in the Middle East and Africa. These projects are instrumental in ensuring electricity stability, optimizing grid resilience, and advancing the Kingdom’s goal of 50% renewable electricity generation by 2030, as outlined in Saudi Vision 2030.
Saudi Arabia’s continued investments in battery storage infrastructure, alongside its ambitious energy diversification strategy, are reinforcing its global leadership in the sector. Through advanced storage solutions and expanded renewable energy projects, the country is laying the foundation for a more reliable, efficient, and sustainable energy system.
Residential Battery Storage: The Fastest-Growing Segment in Saudi Arabia
While commercial applications have historically dominated Saudi Arabia’s battery storage market, the residential sector is now emerging as the fastest-growing segment. As electricity demand fluctuates and energy costs evolve, homeowners are increasingly adopting home energy storage solutions to store excess solar power and minimize reliance on the grid. This shift aligns with government initiatives aimed at boosting grid independence and energy efficiency across the Kingdom.
Saudi Arabia Targets 48 GWh of Battery Storage by 2030
Saudi Arabia is fast-tracking its battery storage expansion under the National Renewable Energy Program, aiming for 48 GWh of storage capacity by 2030. Already, 26 GWh worth of projects have been tendered, spanning various development phases. By 2025, the Kingdom expects to operate 8 GWh, followed by 22 GWh by 2026, ranking third globally behind China and the U.S. in battery storage capacity.
Saudi Aramco & Ma’aden Expand Lithium Production to Meet Demand
Recognizing the importance of a localized supply chain, Saudi Aramco and Ma’aden are investing in domestic lithium extraction, with commercial production set to begin by 2027. This initiative is crucial for meeting Saudi Arabia’s rising lithium demand, expected to increase twentyfold by 2030, as the country prepares for the production of 500,000 EV batteries and the development of 110 gigawatts of renewable energy projects.
Saudi Arabia’s Battery Storage Market Gains Global Momentum
The Saudi battery storage market is expanding at an unprecedented rate, driven by investment in energy infrastructure, renewable commitments, and technological advancements. With the Kingdom solidifying its position as a leader in battery storage, these efforts will play a vital role in shaping the future of global energy markets.
Also Read: Saudi Arabia Leads with 12.5GWh Project
