2019 energy storage outlook

What is the New Energy Outlook?

The New Energy Outlook is a long-term energy and climate scenario analysis by BloombergNEF, focusing on the transition to a low-carbon economy. It provides independent and credible scenarios for electricity, industry, buildings, and transport sectors until 2050, based on real-world transitions.

How big will energy storage be in 2040?

London and New York, July 31, 2019 – Energy storage installations around the world will multiply exponentially, from a modest 9GW/17GWh deployed as of 2018 to 1,095GW/2,850GWh by 2040, according to the latest forecast from research company BloombergNEF (BNEF).

Is solar-plus-storage a new era of dispatchable renewables?

Logan Goldie-Scot, head of energy storage at BNEF, added: “In the near term, renewables-plus-storage, especially solar-plus-storage, has become a major driver for battery build. This is a new era of dispatchable renewables, based on new contract structures between developer and grid.”

Will a 122-fold boom of stationary energy storage be possible?

This 122-fold boom of stationary energy storage over the next two decades will require $662 billion of investment, according to BNEF estimates. It will be made possible by further sharp declines in the cost of lithium-ion batteries, on top of an 85% reduction in the 2010-18 period.

What is the future of electricity?

There is a fundamental transition developing in the power system and transportation sector. Falling wind, solar and battery costs mean wind and solar are set to make up almost 40% of world electricity in 2040, up from 7% today.