Global storage market to rapidly grow by 2030: Report
The US and China are among eight nations set to lead the global energy storage market in the coming decade. A report from Bloomberg New Energy Finance predicts the market will double in value six times between now and 2030. The study also said the market will reach 125 GW, or 305 GWh, and follow a curve similar to the explosion of solar energy between 2000 and 2015. It added that utility-scale and behind-the-meter storage would be "essential to integrating increasing levels of renewable energy".

This article first appeared on the BNEF mobile app and the Bloomberg Terminal.

Forecast shows one-fourth of deployments in the U.S.

$103 billion invested in energy storage over this period

Global cumulative storage deployments

Source: Bloomberg New Energy Finance

The global energy storage market will double six times between 2016 and 2030, rising to a total of 125 gigawatts/305 gigawatt-hours. This is a similar trajectory to the remarkable expansion that the solar industry went through from 2000 to 2015, in which the share of photovoltaics as a percentage of total generation doubled seven times. Eight countries will lead the market, with 70 percent of capacity to be installed in the U.S., China, Japan, India, Germany, U.K., Australia and South Korea. Energy storage, both utility-scale and behind-the-meter, will be a crucial source of flexibility throughout this period and will be essential to integrating increasing levels of renewable energy.

See the full research report here.

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