The global energy storage market is expected to double six times between 2016 and 2030 according to new analysis by Bloomberg New Energy Finance, reaching a total of 125 gigawatts with 305 gigawatt-hours of capacity.
Bloomberg New Energy Finance (BNEF) published a new report on Monday, Energy Storage Forecast, 2017-30, which shows that not only will the global energy storage market double six times between 2016 and 2030, but that the United States will account for a quarter of all deployments.
In total, global energy storage will increase to 125 GW (gigawatts) of capacity with 305 gigawatt-hours (GWh), a similar trajectory to what the global solar industry experienced between 2000 and 2015.
“The industry has just begun,” explained BNEF energy storage analyst Yayoi Sekine 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.”
A total of $103 billion will be invested between 2016 and 2030 into the energy storage market, spread roughly across the Americas, Asia Pacific and Europe, Middle East and Africa regions. BNEF also highlights eight countries which will lead the market and account for 70% of global capacity — the United States, China, Japan, India, Germany, the United Kingdom, Australia, and South Korea.
The full report is available here for Bloomberg New Energy Finance subscribers.