The global energy storage market is poised to grow rapidly in the coming years, with Bloomberg New Energy Finance (BNEF) predicting $620 billion in investment over the next two decades will push cumulative global installations to 942 GW/2,857 GWh by 2040. Declining lithium-ion battery costs are driving much of this growth, with BNEF expecting the cost of utility-scale storage systems to fall roughly 52% through 2030, following an approximate 80% slide in the average price of lithium-ion battery packs in the first seven years of the current decade.
Shenzhen-based BYD shipped 6.8 GW of lithium-ion batteries in the first three quarters of 2018. The company aims to reach an annual production capacity of 60 GWh by 2020.
Image: BYD
Stay informed
pv magazine is the leading trade media platform covering the global solar photovoltaics industry. Log in or purchase a digital or print version of this issue to read this article in full.
The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.