Bloomberg New Energy Finance has upgraded its forecast for global energy storage (GES) by 13% thanks to recent developments in the US and Europe.
GES currently sits at 50 GW. Bloomberg New Energy Finance (BNEF) is predicting that it will rise to almost 150 GW by 2025, and over 400 GW by 2030. The core markets are the US, China, and the EU. As recently as November of last year, BNEF’s forecast was a cumulative installed capacity of 358 GW. (Note that this excludes pumped hydro energy storage.)
The Inflation Reduction Act in the US and REPowerEU will underpin the US and EU movement towards faster battery deployment. The IRA, for example, includes an Investment Tax Credit (ITC) that applies to standalone energy storage projects (no need for co-location with a solar power project).
“With ambition the energy storage market has potential to pick-up incredibly quickly,” Yayoi…
World Energy Storage Forecast Increased 13% — Thanks, IRA & REPowerEU!
