The global energy storage market will more than double in 2021. That predicts market research firm IHS Markit that expects more than 10 gigawatts to be installed for the first time in 2021.
“The energy storage industry will begin significant multi-year growth in 2021, continuing through 2030 as technology begins to become a core component of power grids in developed markets and new opportunities continue to emerge in emerging markets,” said George Hilton, senior analyst Clean Technology at IHS Markit.
United States dominant
The United States will account for 50 percent of the world market by 2021, tripling over the previous year. The market researchers expect the United States to continue expanding its dominance in the global market and gain market share through 2023 when the project pipeline declines.
Rapid Chinese growth
However, from 2025, aggressive decarbonization plans in mainland China will lead to rapid growth in the region, making Asia-Pacific responsible for 44 percent of annual installations by 2030, and a 70 percent increase in Europe by 2021. A
Annual installations are being realized as the technology will be more widely used to keep grid frequency stable and reduce intermittency of renewable energy. Hilton concludes: “The global energy storage market is maturing rapidly. The number of countries with installations exceeding 100 megawatts per year will increase from 9 in 2020 to 17 in 2022. The 3 biggest contributors to this growth will be the United States, mainland China and Australia, which together are expected to provide 4.5 gigawatts of storage capacity by 2021. ”