BNEF: Global energy storage market to double six times between 2016-2030
Bloomberg New Energy Finance (BNEF) today released the “Energy Storage Forecast, 2017-30” – its 2030 view of the energy storage industry.
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 percent 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.
BNEF energy storage analyst Yayoi Sekine, lead author of the report, 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’.
She is available for comment if you are interested in hearing more about the report. Please let me know if you have questions and kindly reference “Bloomberg New Energy Finance” in full in any reporting.