The global energy storage market looks to mirror the rapid growth the solar industry experienced between 2000 and 2015, with a new Bloomberg New Energy Finance (BNEF) report predicting that the energy storage market will double six times by 2030.
BNEF released a new report on Monday (20 November), which predicts that the energy storage market will grow to 125GW between 2016 and 2030, creating an output of 305gWh. This growth is remarkably similar to the trajectory the solar industry experienced for 15 years from 2000, when the share of photovoltaics in the energy mix doubled seven times.
BNEF energy storage analyst Yayoi Sekine said: “The industry has just begun. 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.”
The Global Energy Storage Forecast report notes that the UK, the US, China, Germany, Australia, Japan, India and South Korea will account for 70% of all installed capacity. Both utility-scale and behind-the-meter installations will be issued to create a “crucial source of flexibility” capable of handling an influx of renewable energy, the report notes.
BNEF predicts that more than $100bn will be invested during the next 15 years in the energy storage markets, spread equally across continents. A previous energy storage forecast from BNEF suggested that energy storage system investments would cost $8.2bn annually by 2024, before reaching $250bn by 2040.
The revised investment prediction is based on BNEF’s own calculations that battery technology costs will fall to $120 per kWh by 2030.
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