From pv magazine USA
The global energy storage market is expected to enter a “prolonged period of growth” this year, with annual installations reaching more than 30 GW by 2030, up 250% from 2021 levels. That’s according to a new report from IHS Markit.
The firm forecasts that the energy storage industry will notch rapid growth this year, with installations topping 12 GW. That would be an increase of more than 7 GW from 2020. Annual global installations are forecast to exceed 20 GW in 2024 and 30 GW by 2030.
The company said its outlook is underpinned by a growing number of national energy storage targets linked to stronger decarbonization goals. It said of particular note was China’s recently announced 30 GW energy storage target by 2025, which will help Asia to account for a growing share of global demand in the coming five years.
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How did they do their research? When will those analysts learn this growth is exponential not flat.
With predicted costs declining another 80% in the next 9 years, the growth will probably be 250% year over year instead of a total in 9 years.
Battery manufacturers are ramping up doubling capacity year over year. Or do they think that all those batteries will be used for cars alone? Tesla is planning 3Twh of battery production in 2030, VW 250Gwh, even Ford is planning to produce 86Gwh in 2025 already.
So that’s without LG Chem, CATL, SK, BYD and Panasonic ramping up.