Analysts forecast that by 2030, we will have hit new highs with regard to energy-storage installation, referring to this period as the energy-storage decade. As of December 2020, only 17GW/34 GWh of energy storage was installed. However, in the latest Global Energy Storage Outlook report, analysts forecast that investments valued at more than $260 billion will be injected into the energy sector, resulting in 344 GW/999 GWh of new energy-storage technology to be deployed. By 2030, analysts at BloombergNEF expect that installations will have reached 362 GW/ 1033 GWh.
Yayoi Sekine, who is the head of decentralized energy at BloombergNEF, stated that many had been expecting a considerable increase for years and now the energy industry was ready to deliver.
Analysts speculate that roughly one-half of the new storage capacity will be developed to facilitate the energy transition used to store surplus wind and energy generation for dispatch to the grid, and generally to be used when needed. This has already been observed in the increasing popularity of energy-storage projects, in particular, solar storage.
The energy-storage market is mainly being driven by the evolution of battery technology. Currently, more Li-ion battery chemistries are being adopted by the industry, and for the first time this year, lithium iron phosphate may surpass nickel manganese cobalt for applications in stationary storage.
Analysts believe that lithium iron phosphate will carry on with its upward trajectory but note that sodium-ion may play a significant role as a contender to lithium. CATL, a Chinese battery manufacturer, is working to commercialize its sodium-ion batteries.
In a separate report, Wood Mackenzie Power & Renewables made a similar prediction regarding energy-storage installations last month. The research company’s analysts noted that an increase in energy-storage installations would increase the cumulative demand for energy storage to about a terawatt-hour globally by the end of this decade.
Analysts from both market research firms also forecasted that China and the United States would dominate the international markets, installing over one-half of all new energy storage by 2030. China has imposed stricter regulations on the integration of renewable energy onto its grid and has a 30 GW deployment target set for 2025, which is a key driver of this deployment. On the other hand, state governments and utilities in the United States have shown initiative in driving the deployment of energy storage forward.
Other regional markets to watch out for include Japan, the United Kingdom, Germany, Australia and India. Analysts note that common drivers such as commitments on climate and supportive policies will help facilitate the deployment of energy storage. As more companies join the likes of StorEn Technologies Inc. in commercializing different battery chemistries, the widespread deployment of energy storage solutions will become a reality sooner rather than later.
NOTE TO INVESTORS: The latest news and updates relating to StorEn Technologies Inc. are available in the company’s newsroom at https://ibn.fm/StorEn
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