Battery storage to become $1.2trn market, with Australia leading the way

Cornelia Mascio
Novembre 10, 2018

Global investment into energy storage technologies including batteries is set to reach $1.2trn by 2040 as technology costs fall, according to new research by Bloomberg New Energy Finance (BNEF).

Released on Tuesday (6 November), BNEF's latest long-term energy storage outlook predicts that the global energy storage will grow to reach a cumulative 942GW/2 or 857GWh by 2040, with research, development and project installation being backed with more than $1.2trn from the investment community over the next 22 years.

Behind-the-meter, or BTM, installations will be sited at business and industrial premises, and at millions of residential properties.

"The majority of storage capacity will be utility-scale until the mid-2030s, when behind the meter applications overtake".

Yayoi Sekine, energy storage analyst for BloombergNEF and co-author of the report, said: "We have become much more bullish about storage deployments since our last forecast a year ago". For their owners, they will perform a variety of tasks, including shifting grid demand in order to reduce electricity costs, storing excess rooftop solar output, improving power quality and reliability, and earning fees for helping to smooth voltage on the grid.

China, the US, India, Japan, Germany, France, Australia, South Korea and the United Kingdom are forecast to be the leading countries, representing two-thirds of global installed capacity by 2040.

In geographical terms, there will be nine markets that will lead the global battery market, having two-thirds of the overall installed capacity by 2040. The market leader by 2020 will be South Korea, but China is anticipated to take its crown and lead throughout to 2040. China will then lead throughout to 2040. BNEF even highlighted developing countries in Africa as seeing rapid growth in battery storage, with utilities recognising the value of combining solar, storage and diesel in remote regions as an alternative to extending the grid or just using fossil fuel-based gen-sets. Energy storage will become a practical alternative to new-build generation or network reinforcement. Behind-the-meter storage will also increasingly be used to provide system services on top of customer applications.

The EV market will also totally dominate the stationary storage market and will have a far greater impact on the supply-demand balance and prices for metals such as lithium and cobalt.

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