There is a growing need for storage on power grids
Grid-scale battery storage set for strong growth
US leads the way but China emerges as fastest-growing market by 2030
The global market for battery-based energy storage for power grids is expected to see compound annual growth rates of up to 37pc over the next decade, driven by the deployment of renewables, cost reductions and favourable electricity market regulation, according to California-based consultants Frost & Sullivan. Global capacity will hit 134GW in 2030, up from 8.5GW in 2020 as the growth of renewables drives demand for storage to support power system balancing and stability. The forecast is based on assumptions of annual growth in the deployment of renewables of 5-7pc and battery storage cost reductions of 40-50pc over the period. 135GW – Grid-scale battery storage installed by 2030
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