Battery storage market seen to hit USD 16bn by 2030
Image by Frost & Sullivan
April 16 (Renewables Now) - By 2030 the global grid battery storage capacity is expected to grow to 134.6 GW from 8.5 GW in 2020, Frost & Sullivan said on Thursday.
Driven by the growth of intermittent renewables and falling technology costs, the market will hit USD 15.94 billion (EUR 13.3bn) by 2030, the consultancy estimates in a recent analysis. This will represent a compound annual growth rate of 23% from USD 2 billion in 2020.
Asia, led by China, will account for 46.2% of the total grid battery storage power capacity by the end of the decade, said Maria Benintende, energy and environment research analyst at Frost & Sullivan. The other leading region will be North America, led by the US, with a 32.4% share. Europe's involvement, however, is expected to contract to 13.3% from 25.6% in 2020 due to "the saturation of frequency regulation markets and the lack of a business case for other applications."
Latin America, Africa and the Middle East will present limited opportunities, according to Benintende.