Energy storage is driving the transition
Constant advancements in battery technology, supported by the adoption of electric vehicles, are facilitating the energy transition
Renewables will overtake conventional power sources by 2032, making them the fastest-growing energy source globally. Ambitious policy goals target 100pc renewable power generation. The energy storage market is rapidly evolving to support these goals and it has a crucial role to play in helping to make these ambitions a reality. In 2018, the global energy storage market expanded to record levels, with 147pc year-on-year growth in gigawatt-hour (GWh) terms. After a bump in the road in 2019, with a 13pc reduction in year-on-year deployments, we projected exceptional growth for 2020. However, the coronavirus crisis has the potential to trim our global energy storage deployments forecast for the
Also in this section
25 April 2024
Carbon capture rates forecast to rise steadily from end of decade, but policy tools to drive large-scale deployment have yet to take shape, according to DNV
23 April 2024
Europe must unlock cross-border CO₂ trade if it wants to build a viable CCS sector for the long term
16 April 2024
US and European oil majors snap up smaller players and look to accelerate development in a region deemed to possess all the key elements for successful CCUS deployment
15 April 2024
Demand for credits seen rising 20% this year despite issues around integrity and standardisation