BNEF predicts 305GWh of energy storage worldwide by 2030

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Global cumulative storage deployments. Image: BNEF.

The rise of energy storage will enjoy a similarly meteoric trajectory to that enjoyed by solar PV deployment in the past and could reach 305GWh of installations by 2030, BNEF has predicted.

The market is set to “double six times” between the years 2016 and 2030, reaching 125GW / 305GWh, Bloomberg New Energy Finance claims. The research group yesterday published a new report, “Energy storage forecast 2016 – 2030”.

BNEF calls the expected rise of energy storage during this time as having a “similar trajectory” to that seen in the solar PV market globally between 2010 and 2015. In those five years solar PV capacity doubled seven times over. It is expected that around US$103 billion could be invested in the technology to facilitate this expansion into the mainstream.

While BNEF considers that that sum will be invested, broadly speaking, equally across the regions of Asia-Pacific, Europe, the Middle East and Africa and in the Americas. Despite this, around a quarter of all deployments are expected to be in the US, with 70% of all installed capacity predicted to be spread across that country as well as in China, Japan, India, Germany, Australia, South Korea and the UK.

“Energy storage, both utility-scale and behind-the-meter, will be a crucial source of flexibility throughout this period and will be essential to integrating increasing levels of renewable energy,” BNEF staff wrote in a statement.

At the beginning of this year, the International Renewable Energy Agency (IRENA) claimed that around 1GWh of battery storage was in use worldwide by the electricity sector, predicting that it could rise to 250GW by 2030 in its “REThinking Energy 2017: Accelerating the global energy transformation” report.

Read Next

April 15, 2021
Renewable energy software providers Power Factors and Greenbyte have joined forces, creating an entity that supports more than 75GW of solar, wind and energy storage assets globally.
April 13, 2021
US independent power producer Catalyze has expanded its project pipeline to more than 2GW through the acquisition of commercial and industrial (C&I) solar developer PermaCity.
April 9, 2021
The US’ fleet of solar and wind generation capacity is set to almost triple over the next decade, but even this is not enough to meet President Biden’s ambitious decarbonisation targets, according to a recent BloombergNEF report.
March 23, 2021
Scatec has unveiled a NOK 100 billion (US$11.7 billion) plan that will see the company expand its renewables portfolio to 15GW over the next four years.
PV Tech Premium
March 23, 2021
PV Tech delves into the performance of the top five publicly-listed US residential solar installers – Tesla, Sunrun, SunPower, Vivint Solar and Sunnova – detailing how they grew their market share in 2020, how regionality affected installs last year, and what hurdles the sector can expect in 2021.
March 18, 2021
‘Solar Module Super League’ (SMSL) member Canadian Solar is guiding a significant increase in PV module and energy storage shipments, resulting in full year 2021 revenue of between US$5.6 billion to US$6.0 billion, over 70% higher than revenue reported for 2020.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 20, 2021
Upcoming Webinars
April 28, 2021
4:00 - 4:30 PM CET
Solar Media Events
May 11, 2021