Global energy storage market forecast to double six times in 12 years

Global Energy storage market forecasted to double six times in 12 years

Bloomberg New Energy Finance (BNEF) recently released a report, “Energy Storage Forecast, 2017-2030” which forecasts that the global energy storage market will double six times in this time period. Lead author of the report, Yayoi Sekine, predicts that the energy storage market is only just taking off.

Between 2016 and 2030, BNEF predict that the global energy storage market will double six times, rising to a total of 125 gigawatts/305 gigawatt-hours. This trajectory mirrors the incredible expansion of the solar industry between 2000 and 2015, in which the percentage of total generation from photovoltaics doubled seven times.

The eight countries predicted to lead the market are the United States, China, Japan, India, Germany, United Kingdom, Australia and South Korea. Together these top eight countries will receive 70% of the capacity to be installed. The report predicts that approximately 103 billion US dollars will be invested in energy storage between 2017 and 2030.

The BNEF report predicts that energy storage is essential to flexibility during this period, both utility-scale and behind-the-meter. The report also predicts that energy storage is integral to the increasing penetration of renewable energy across the world’s electrical grids.

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