Taiwanese analyst TrendForce said it expects global energy storage capacity to reach 362 GWh by 2025. China is set to overtake Europe and the United States is poised to become the world’s fastest-growing energy storage market. June 17, 2022 Marija MaischIn recent years, the global installed capacity of wind and solar has shown steady growth and now energy storage is expected to follow in their footsteps. According to Taiwanese analyst TrendForce, lithium iron phosphate (LFP) battery storage has significant advantages over other technologies and is becoming the primary installed capacity of new energy storage around the world.This echoes earlier findings from US analyst Wood Mackenzie, which predicts that LFP’s market share will surpass nickel-cobalt-manganese (NCM) in 2028. Last year, NCM still accounted for half of the market, but LFP batteries began to grow in prominence due to…
Global energy storage market set for rapid expansion by 2025 – pv magazine International
