The growth and growth of the global energy storage market
1 minute read
Despite the tough challenges brought by Covid-19 and the worldwide pandemic, global energy storage deployments will nearly triple year-on-year, reaching 12 GW/28 GWh this year and close to the 1TWh mark by 2030. While global lithium-ion battery manufacturing capacity will double in the next two years.
This Global Energy Storage Outlook H2 2021 takes an enhanced look at the drivers of energy storage across the world and now focuses on an additional 13 key markets – 11 additional markets in Europe and two in Latin America.
Complete the form for a complimentary extract or read on for an outline of some of our key themes.
Post-pandemic policies will propel energy storage growth
Across the world, economic recovery is top of mind for politicians, with renewable energy integration taking centre stage. With the market recovering following the pandemic and a growing acceptance of energy storage as a mainstream power technology, the total energy storage market will double in size in 2021 to reach 56 GWh, with that number expected to increase by 17x in 2030. This is likely to be aided by policy, such as the proposed 30% investment tax credit for standalone storage proposed in the latest US reconciliation budget proposal and China’s 30 GW five-year target.
Front-of-the-meter (FTM) storage will drive global storage deployments, with decarbonised efforts around the world pushing the FTM segment past 706 GWh by 2030. Visit our store to buy the full report, which includes forecasts by market, country and technology, or fill in the form for a free extract.
US and China dominate, while European market surges
The US and China will continue to dominate the global storage markets with a combined 73% of the world’s total capacity to 2030.
The US commands a global leadership position in energy storage with a 40% cumulative share to 2030, while the US FTM market is expected to surpass 300 GWh in 2030, with annual installations hitting 53 GWh that year. In China, storage installations will rise by 129% in 2021, adding 170 GWh of new capacity between 2021 and 2030. Across Asia Pacific as a whole, FTM will increase to 326 GWh, making up 34% of global capacity. While in Europe, the market will grow by 157% year-on-year in 2021, with 2 GWh of deployment forecast. It is expected that the total European market will exceed 100 GWh by 2030.
Visit our store to purchase the full report, or complete the form for a free extract.
Ambitious renewable energy targets will promote energy storage deployments in Latin America
Latin America has pledged that 70% of the energy it generates will be renewable by 2030. The region is already close to reaching that goal due to its high hydropower capacity and non-conventional renewable energy deployment over the past three years.
The Latin American market will reach 1 GW/2.5 GWh of cumulative capacity by 2025 and 5GW/12.3 GWh by 2030, with an average of 575 MW of annual installations throughout the forecast period.
Most storage projects in the region to date have been focused on ancillary services or micro-grids, while future opportunities will come from commercial and industrial contracts for hybrid projects and technology auctions to be held in Colombia and Chile.
Visit our store to buy the full report and find out about:
- the key drivers of growth in EMEARC
- the latest trend on battery technology
- and which country will lead the front-of-the-meter sector in 2021 in Asia Pacific
Alternatively, complete the form for a free extract.