Global energy storage markets will together grow 15-fold to 411GW (1.19TWh) by the end of the decade boosted by recent policy shifts in the US and Europe, although supply chain constraints might slow additions, according to the latest forecast from BloombergNEF (BNEF). The research house sees 13% more capacity – 46GW (145GWh) – than previously estimated being built, given extra drive by the US Inflation Reduction Act (IRA), which has earmarked $369bn for clean technologies, and EU’s REPowerEU plan, which has raised ambitions to cut reliance on gas from Russia. BNEF’s 2H 2022 Energy Storage Market Outlook estimates roughly 30GW (111GWh) of energy storage build through to 2030, although supply chain bottlenecks “cloud deployment expectations until 2024”. In the utility-scale sector, significant storage additions expected from 2025 onwards align with raised renewable…
Global energy storage market ‘growing pains’ won’t stunt 15-fold boom by 2030: BNEF
