November 15, 2021 Read More →

BNEF: Global energy storage capacity to hit 358GW by 2030

Global energy storage installations will reach a cumulative 358GW by the end of 2030 according to the latest forecast from research company BloombergNEF (BNEF).

BNEF forecasts 358GW/1028 gigawatt-hours by the end of 2030, more than twenty times larger than the 17GW/34GWh at the end of 2020.

The analyst estimates the growth will require more than $262bn of investment.

The US and China are the two largest markets, representing over half of the global storage installations by 2030.

Clean power ambitions of state governments and utilities propel storage deployment in the US, while in China, the ambitious installation target of 30GW of cumulative build by 2025 and stricter renewable integration rules will boost expected storage installations. Other top markets include India, Australia, Germany, the UK and Japan.

The report found the industry is adopting multiple lithium ion battery chemistries. In 2021, lithium iron phosphate (LFP) will be used more than nickel-manganese-cobalt (NMC) chemistries for stationary storage for the first time. LFP will become the major lithium ion battery chemistry choice in the energy storage sector until at least 2030, driven by its dominant role in China and increasing penetration in the rest of the world.

More: Global storage market ‘set for boom’

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