According to Bloomberg New Energy Finance (BNEF) the global energy-storage market will surge to a cumulative 942 GW by 2040 requiring a hefty investment of $620 billion.
We will feature Energy Storage also at the 5. Silicon Valley meets Switzerland event.
BNEF highlights two important storage markets:
- China, which is investing in massive battery manufacturing capacity; and
- California, which has a mandatory 100% renewable electricity target for 2045 as well as a number of other measures such as storage capacity.
In places like California and Hawaii, both moving towards a 100% renewable future by 2045, massive new storage capacity will undoubtedly be required along with other means of shifting midday’s sun to evening hours or for cloudy days. Wind, the other major renewable contender, is equally variable.
Among other highlights, BNEF says:
- Cumulative energy-storage deployments are forecast to exceed 50 GWh by 2020, a significant acceleration from last year’s projection;
- By 2040, storage capacity may reach 7% of the world’s installed capacity;
- The Asia-Pacific region will be home to 45% of total installations on a MW basis by 2040 with another 29% spread across Europe, Middle East and Africa with the remainder in the Americas;
- The majority of storage capacity will be utility-scale until the mid-2030s with behind-the-meter applications at businesses, industrial sites and residential sector overtaking utility-scale thereafter; and
- Leading the pack will be China, US, India, Japan, Germany, France, Australia, South Korea, and the UK. South Korea, currently a dominant market player, will be overtaken by the US early in the 2020s – both to be eclipsed by China.
Where do we stand in Switzerland?