October 14 (Renewables Now) – Energy storage installations globally are expected to experience a 15-fold growth by end-2030, reaching a cumulative 411 GW/1,194 GWh compared to 27 GW/56 GWh at the end of 2021, according to BloombergNEF (BNEF).
The research firm estimates that the world will add 387 GW/1,143 GWh of new energy storage capacity between 2022 and 2030. Its 2030 estimate has been increased by 13%, or 46 GW/145 GWh, thanks to policies such as the US Inflation Reduction Act and EU’s REPowerEU plan.
According to BNEF’s 2H 2022 Energy Storage Market Outlook, the US and China remain the two largest markets, accounting for more than half of storage installations globally by 2030. Europe will be catching up, with demand driven by the energy crisis.
Deployments could, however, be slowed in the near term by supply chain constraints as the industry is facing growing pains, according to BNEF’s press release on Wednesday.
“With ambition the energy storage market has potential to pick-up incredibly quickly. The nuts and bolts of how energy storage projects will materialise as result of big policies like the US Inflation Reduction Act still need to be sorted. However, companies are already scaling up operations to capture the upside,” said Yayoi Sekine, head of energy storage at BNEF.
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