Rystad Energy Predicts Surge in New Battery Storage Capacity by 2030
The worldwide BESS capacity additions expanded 60 percent in 2022 over the previous year, with overall new installations exceeding 43 GWh.
June 15, 2023. By EI News Network
The worldwide BESS capacity additions expanded 60 percent in 2022 over the previous year, with overall new installations exceeding 43 GWh.
A further 74 GWh will be added this year – a 72 percent increase – primarily driven by cost reduction in BESS systems in addition to incentives in North America, governmental funding programs in Europe, coupled with robust renewable capacity expansion in mainland China.
Sepehr Soltani, Energy Storage Analyst at Rystad Energy adds, “Batteries will play a fundamental role in the future of energy production and power demand, solving the intermittency problem of renewable energy generation. To decrease reliance on coal and gas as back-up power generation sources, countries must invest in BESS now”.
By 2030, annual BESS market installation will hit 110 GW, 58% of which will be developed in Asia. North America will account for about 20 GW and Europe will have 18 GW installed, with the remaining 8 GW from the rest of the world.
This is a shift from current trends, as the projected installation at the end of 2023 is expected to be dominated by North America, which will account for 45 percent of total BESS capacity.
Utility-scale battery storage is required to address power security concerns in national and regional electricity grids. Microgrids – self-contained, local power grids – will become more prevalent and distributed power generation is set to dominate as primary energy sources such as solar and wind are not limited to specific countries or regions.
The company expects residential adoption to grow in parallel and increase ten times, surpassing 41 GWh battery demand by 2030.
Rystad Energy is an independent energy research and business intelligence company.
The company is based in Oslo, Norway with offices in London, New York, Houston, Aberdeen, Stavanger, Moscow, Rio de Janeiro, Singapore, Bangalore, Tokyo, Sydney and Dubai.
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