A recently released report has found that the Asia-Pacific will surpass North America as the largest utility-scale energy storage market by yearly installed gigawatts. Guidehouse Insights, a market intelligence and research firm, compiled this report.
The research company revised its predictions for global yearly installed utility-scale energy storage by 2029 from forecasts it had made close to 18 months ago, going from roughly 25 gigawatts to 27.5 gigawatts. It expects global annual installed utility-scale energy storage to be slightly more than 30 gigawatts by 2030.
The research firm anticipates an average compound annual growth rate (“CAGR”) of 25% between 2021 and 2030. It also altered the timeframe in which the Asia-Pacific would surpass North America in annual installations to 2024 or 2025, from 2023. The research company expects that by 2030, the Asia-Pacific will have installed about 71 gigawatts, making it the biggest utility-scale energy storage market, ahead of North America.
Pritil Gunjan, a principal research analyst with the company, stated that the utility-scale energy storage market continued to develop at different rates in various countries and regions across the globe. Gunjan noted that the clear leaders in the market were pioneering new business models, technologies and applications to drive the market forward.
BloombergNEF also expects the Asia-Pacific to be the biggest market by gigawatts of energy storage by 2030, noting, however, that North America will have higher gigawatt-hours because of longer durations of storage.
The strategic research provider expects aggregate installations of energy storage systems to reach 345 gigawatts by 2030, which is close to 1,030 gigawatt-hours. This is significantly higher than Guidehouse’s forecasts. A separate forecast made by Wood Mackenzie Power & Renewables has similar projections to BloombergNEF, expecting storage to reach 1TWh globally.
The power and renewable energy research firm, which mainly publishes GWh in its research, concludes that the Asia-Pacific is bigger in energy storage currently and may be surpassed by the Americas by the mid-2020s.
With regard to yearly energy storage installations in 2030, research firms using gigawatts have similar projections. BloombergNEF expects storage installations to hit 34 gigawatts while both Guidehouse and IHS Markit expect installations to exceed 30 gigawatts.
Despite these projections, spikes recorded in the price of li-ion materials recently remain a concern for the industry. However, forecasts from Guidehouse show that the average price of li-ion cells will drop over the next decade by about 40%, which will be a relief for the industry and its participants.
As many players, including StorEn Technologies Inc., join the battery energy storage space, the rate at which these technologies are deployed is likely to accelerate over the years.
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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