The energy storage market is set to double six times between 2016 and 2030 to 125GW, according to a new report.
The Bloomberg New Energy Finance (BNEF) report – ‘Energy Storage Forecast, 2017-30′ – predicts that some $103bn will be invested in the sector to 2030.
Eight countries will lead the market, with 70% of capacity to be installed in Australia, China, Germany, India, Japan, South Korea, the UK and US, the report said.
It added that storage growth will be crucial to providing flexibility to integrate increasing levels of renewable energy worldwide.
BNEF energy storage analyst and lead author of the report Yayoi Sekine said: “The industry has just begun. 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.”
Image: EDF
Storage ‘to hit 125GW’
$103bn to be invested in sector by 2030 says Bloomberg New Energy Finance
By EBS