New Battery Storage Capacity: 10x Growth, 40 GWh/Year By 2030
Here’s a forecast for new residential battery-energy storage systems split out by region:Regarding the expected growth in North America and Europe, Rystad Energy writes: “Government policies are playing an important role in incentivizing investments and capacity expansion.
“The European Green Deal Industrial Plan aims to accelerate the transition to a sustainable and low-carbon industrial sector in Europe, and gradually supports the BESS development in addition to the local fundings for BESS developers – for example, a £32 million energy storage funding program in the UK. China is committed to peaking its emissions by 2030 and sees battery developments as a steppingstone to achieving that goal.
In China, energy storage growth is expected to grow due to power security concerns and massive growth of solar and wind power, which energy storage complements perfectly. Energy storage is expected to grow at all levels — utility scale, smaller microgrid scale, and residential scale. Residential energy storage growth is expected to ramp up everywhere rooftop solar PV does, but especially in Europe due to policy support and how European energy markets are managed. “Europeans are pioneers in utilizing BESS in their homes, as tax credits and high-power prices during peak periods have motivated consumers.
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