Will large-capacity batteries for energy storage become a trend

Will global battery storage capacity increase six-fold by 2030?

The global battery storage capacity must increase six-fold by 2030 – this is the main message of the International Energy Agency’s (IEA) Special Report, Batteries and Secure Energy Transitions, published in April.

Is battery storage the fastest growing energy technology in 2023?

In 2023, battery storage was the fastest-growing commercially available energy technology in the electricity sector, with deployments more than doubling from the previous year. At the same time, the cost of batteries has dropped by more than 90 percent in less than 15 years. This is said to be the fastest decline in clean energy technology ever.

Are batteries the future of energy storage?

Thanks to this symbiotic relationship, the International Energy Agency (IEA) notes that of the sixfold expected energy storage capacity increase by 2030 worldwide, batteries will share 90 percent of the growth owing to exponential expansion by the end of the decade.

What if we don't deploy enough batteries?

According to the IEA’s special report, tripling the world’s installed renewable energy capacity by 2030, as agreed in Dubai, will require 1,500 GW of battery storage capacity. If we don’t deploy enough batteries, the transition to clean energy in the electricity sector could come to a standstill.

How much battery storage is needed to achieve energy transition goals?

In fact, at least 1200 GW of battery storage capacity will be needed if the world wants to achieve 2030 energy transition goals. While Pumped storage hydropower (PSH) is a traditional storage method that accounts for a majority of global storage still, it faces challenges which make alternative storage solutions a more attractive option.

Can battery storage support electricity security cost-effectively?

The report highlights the versatility of battery storage to support electricity security cost-effectively as part of clean energy transitions. In the power sector, batteries help smooth out the variability of renewable electricity from technologies such as wind and solar.