“BloombergNEF’s 2021 Global Energy Storage Outlook 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 report reads. “The US and China are the two largest markets, representing over half of the global storage installations by 2030.”
The BloombergNEF document explains that in the case of the United States, storage deployment is being propelled by clean power ambitions of state governments and utilities, while in China, expected storage installations are being boosted by the official target of 30 gigawatts of cumulative build by 2025 and stricter renewable integration rules.
Other top markets identified by the researcher are India, Australia, Germany, the UK and Japan, with supportive policies, ambitious climate commitments, and the growing need for flexible resources being the common drivers in these countries.
“Regionally, Asia-Pacific will lead the storage build on a megawatt basis by 2030, but the Americas will build more on a megawatt-hour basis because storage plants in the US usually have more hours of storage,” the forecast reads. “Europe, Middle East and Africa (EMEA) currently lag behind its counterparts due to the lack of targeted storage policies and incentives, which may be surprising, considering Europe’s ambitious climate targets. Growth in the region could accelerate as renewables penetration surges, more...
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