Eight countries led by the US will account for 70% of the energy storage capacity deployed by 2030. The energy storage market, as per a new BNEF report, is following the trail set by solar PV between 2000 to 2015 (Source: BNEF)
- Energy storage market globally will reach 125 GW / 305 GWh by 2030
- It will grow six times by the target year from the levels it was at in 2016
- US will lead nations with one-fourth of these deployments here
- It will need an investment of $103 billion during this period of growth
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A Bloomberg New Energy Finance (BNEF) report predicts the global energy storage market to double six times between 2016 to 2030 up to 125 GW / 305 GWh. The US is expected to be the strongest market.
The industry is following the growth trajectory set by solar PV between 2000 to 2015 when the total generation doubled seven times.
One-fourth of the energy storage deployments are expected to be in the US. Along with the US, seven more countries – China, Japan, India, Germany, UK, Australia and South Korea – are expected to absorb 70% of the storage capacity.
The report, which is available to clients of BNEF, affirms that 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.
It will command an investment of $103 billion during this growth period, estimates the report.