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Global Storage Market to Double Six Times by 2030

Electric Automobile Lithium-ion Battery Production At Bayerische Motoren Werke AG Plant — Assembled lithium-ion batteries sit in crates at the Bayerische Motoren Werke AG (BMW) automobile manufacturing plant in Dingolfing, Germany, on Thursday, Aug. 21, 2014. BMW agreed to spend billions of euros increasing its orders of Samsung SDI Co. batteries as the world's largest maker of luxury cars expands its line of electric vehicles. Photographer: Krisztian Bocsi/Bloomberg

November 20, 2017

This article first appeared on the BNEF mobile app and the Bloomberg Terminal.

Forecast shows one-fourth of deployments in the U.S.
$103 billion invested in energy storage over this period

Global cumulative storage deployments

Source: Bloomberg New Energy Finance

The global energy storage market will double six times between 2016 and 2030, rising to a total of 125 gigawatts/305 gigawatt-hours. This is a similar trajectory to the remarkable expansion that the solar industry went through from 2000 to 2015, in which the share of photovoltaics as a percentage of total generation doubled seven times. Eight countries will lead the market, with 70 percent of capacity to be installed in the U.S., China, Japan, India, Germany, U.K., Australia and South Korea. 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.

See the full research report here.

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