According to the British consultancy IHS Markit the global energy storage market is expected to double, from 1.4 GWh added in 2015 to 2.9 GWh this year.
HIS further predicts that global grid-connected energy storage capacity will surge to 21 GWh by 2025.
Over the next decade, Lithium-ion (Li-ion) batteries will become the mainstream energy-storage technology, and more than 80 percent of global energy storage installations will include the technology by 2025.
“Energy storage is set to grow as fast as solar photovoltaic energy has in recent years, sparking strong interest from a wide range of players and underscored by recent mergers and acquisitions among car manufacturers, major oil and gas companies, and conventional power suppliers”, said Marianne Boust, principal analyst, IHS Markit. “The leading markets are the United States and Japan, but we are also seeing activity in South Africa, Kenya, the Philippines and other countries, as the cost of batteries continues to decline.”
Japan and the United States will generate a third of market revenues totalling $50bn over the next decade. In Australia and Japan, energy storage penetration is expected to exceed 5 percent of installed power capacity in 2025, underscoring the growing role that energy storage will play in grid stability, renewable integration and overall energy management.
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