A new forecast from Bloomberg NEF (BNEF) estimates that the global energy storage market will see a battery boom where it will surge to a cumulative 942 gigawatts by 2040, and that growth will require a $1.2 trillion investment.
A key driver of the boom is expected to be sharply falling battery costs, with BNEF predicting the capital cost of a utility-scale lithium-ion storage system falling another 52 per cent by 2030.
According to Bloomberg, governments from China to California are spurring demand, as is the rise of electric vehicles, solar power and increasing transitions being made to renewable energy.
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The forecast reports energy storage may be equivalent to seven per cent of the world’s total installed power capacity by 2040.
The Asia Pacific region will be home to 45 per cent of total installations on a megawatt basis by 2040, and another 29 per cent will be spread across Europe, the Middle East and Africa. The remainder will be in the Americas.
The majority of this storage capacity is expected to be utility scale until the mid 2030s, but then behind-the-meter projects will overtake utility scale.
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