Over 400GW! European and US policies spur 13% rise in global energy storage expectations

2023-01-11

Bloomberg New Energy Finance (BNEF) has raised its forecast for global energy storage (GES) by 13% due to recent policy developments in the US and Europe.

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GES currently has a capacity of 50GW. Bloomberg New Energy Finance (BNEF) forecasts that this will rise to nearly 150GW by 2025 and more than 400GW by 2030. The core markets are the US, China and the EU. As recently at last November, BNEF forecast a cumulative installed capacity of 358GW. (Note that this figure does not include pumped storage.)

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Yayoi Sekine, head of energy storage at BNEF, added: "With targets, the energy storage market has the potential to recover incredibly quickly. The details of how energy storage will manifest itself as a result of major U.S. policies such as the Inflation Reduction Act remain to be sorted out. However, companies are already scaling up their operations to capture opportunities."

"The energy storage industry is facing growing pains. However, despite the rising price of battery systems, the demand is clear. By 2030, energy capacity will exceed 1TWh. The world's largest electricity markets, such as China, the US, India and the EU, have all passed legislation to encourage energy storage deployment, "said Helen Kou, analyst at BNEF.

BNEF predicts that home and business will account for about a quarter of global energy storage by 2030.

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