Global storage market to double six times by 2030

Bloomberg New Energy Finance has published a new report on the global storage market. 2017 Global Energy Storage Forecast reveals that this market will grow to a cumulative 125 GW/305 GWh by 2030, attracting US$103 billion in investment over this period. Although this will represent a fraction of total installed generation capacity, the electricity system will look fundamentally different. Utility-scale storage becomes a practical alternative to new-build generation or network reinforcement, especially for underutilised assets in some markets. Behind-the-meter storage will increasingly be used to provide system services, such as peaking capacity, on top of customer applications.

The global energy storage market will double six times between 2016 and 2030, rising to a total of 125 GW/305 GWh. This is a similar trajectory to the remarkable expansion that the solar industry went through from 2000 to 2015, in which the share of photovoltaic as a percentage of total generation doubled seven times.

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Regionally, energy storage build will be roughly equally spread across APAC, EMEA and the AMER. In the earlier years, between 2017 and 2020, APAC will represent almost half of the total installed capacity as South Korea, Japan, Australia and China have supported earlier build in these markets. Eight countries will lead the market, with 70% of capacity to be installed in the US, China, Japan, India, Germany, the UK, Australia and South Korea by 2030. Read more…

Article published in: FuturENERGY December 2017 – January 2018