Bloomberg Predicts Huge Rise in Global Energy Storage Market
- Nov 18, 2021 4:29 pm GMT
The market analysis company BloombergNEF expects energy storage installations around the globe will reach a cumulative 358 gigawatts/1,028 gigawatt-hours by the end of 2030, that is a twenty-fold increase on 2020. This vast hike in stationary energy storage will need more than $262 billion of investment, BNEF concludes.
These figures are from BloombergNEF’s 2021 Global Energy Storage Outlook, released this week. The report estimates that 345 gigawatts/999 gigawatt-hours of new energy storage capacity will be added globally between 2021 and 2030, which is more than Japan’s entire power generation capacity in 2020. The U.S. and China are the two largest markets, representing over half of the global storage installations by 2030. The clean power ambitions of state governments and utilities propel storage deployment in the U.S. In China, the ambitious installation target of 30 gigawatts of cumulative build by 2025 and stricter renewable integration rules boost expected storage installations.
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