Energy storage forecast for 2019

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).

How will energy storage systems impact the C&I sector?

So, the C&I sector is likely to use energy storage systems more and more to increase the amount of renewable energy it uses. This will create big opportunities for ESS providers in the future. Asia-Pacific was the largest market in the world in 2021. This was because countries like China, South Korea, and India needed more energy storage systems.

What is battery energy storage?

Battery energy storage is a critical technology in transitioning to a sustainable energy system. The battery energy storage systems regulate voltage and frequency, reduce peak demand charges, integrate renewable sources, and provide a backup power supply.

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.”

How important are batteries in energy storage systems?

Batteries are crucial in energy storage systems and are responsible for around 60% of the system's total cost. However, batteries are expected to account for only a small portion of the total installed storage capacity.

Will lithium ion chemistry retake the energy storage industry in 2019?

Manghani predicted that LFP, the most common of these chemistries, will retake its former place as the lithium-ion chemistry of choice for the energy storage industry in 2019. The final prediction is that the United States, which lost its place as the world's biggest storage market in 2018, will retake that position next year.