Global storage market to double six times by 2030, says BNEF

The global energy storage market will double six times between 2016 and 2030, rising to a total of 125 gigawatts/305 gigawatt-hours. This is a similar trajectory to the remarkable expansion that the solar industry went through from 2000 to 2015, in which the share of photovoltaics as a percentage of total generation doubled seven times.

Global cumulative storage growth

Global cumulative storage deployments (Source: BNEF)

This is according to Bloomberg New Energy Finance (BNEF), which recently released a new report, “Energy Storage Forecast, 2017-2030″ that provides a view of the energy storage industry.

‘The industry has just begun,” shared Yayoi Sekine, BNEF energy storage analyst and lead author of the report. “With so much investment going into battery technology, falling costs, and with significant addition of wind and solar capacity in all markets, energy storage will play a crucial part in the energy transformation.”

Key highlights of the report include:

  • The global energy storage market will double six times between 2016 and 2030, rising to a total of 125 gigawatts/305 gigawatt-hours. This is a similar trajectory to the remarkable expansion that the solar industry went through from 2000 to 2015.
  • $103 billion will be invested over this period. Spread roughly equally across the Americas, Asia Pacific and Europe, Middle East and Africa regions.
  • Eight countries will lead the market, with 70% of capacity to be installed in the U.S., China, Japan, India, Germany, U.K., Australia and South Korea.
  • Energy storage, both utility-scale and behind-the-meter, will be a crucial source of flexibility throughout this period and will be essential to integrating increasing levels of renewable energy.

Download the full report here.

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