Abstract
Saudi Arabia has embraced utility-scale battery storage to the extent that it now ranks third globally in announced battery storage energy project capacities at 22 gigawatt-hours (GWh), behind only China and the United States (U.S.), and it aims to achieve 48 GWh of battery energy storage capacity by 2030 (MoEnergy 2025). This surge is mirrored globally, with battery storage poised to grow exponentially as renewables penetration rises, costs plummet, and advanced policy frameworks take shape. Global battery prices have fallen dramatically – over 90% since 2010 – due to R&D breakthroughs, economies of scale, and fiercer competition (IEA 2024). Factors such as manufacturing overcapacity, low metal/component prices, and the shift to lower-cost LFP (lithium iron phosphate) chemistry have squeezed margins and driven prices down.
