The total installed global energy storage capacity is predicted to be 20 times larger by 2030 compared to current figures, according to strategic research provider BloombergNEF.
The new report estimates a global installed capacity of almost 345GWh of new energy storage projects before the end of the decade—more than Japan’s entire power generation capacity.
The report’s authors predict the United States and China will lead in new global energy storage installations, followed by India, Australia, Germany and the UK.
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BNEF’s analysis also suggests that nearly 55 per cent of new energy storage build will be designed to provide energy shifting, including the storage of solar or wind.
Lead author of the report, Yiyi Zhou, said, “The energy storage market is growing at an unprecedented pace. Falling battery costs and surging renewables penetration make energy storage a compelling flexible resource in many power systems.”
According to the Energy Storage Forum, the current top 10 countries for energy storage, in order from the highest storage capacity, are China, Japan, the United States, Spain, Germany, Italy, India, Switzerland, France and South Korea.