A new report from Global Market Insights estimates that the worldwide energy storage market will reach a total value of $500 billion by 2025.
Drivers cited in the report include renewables integration as solar and wind generation capacity is added to the grid. Demand for storage to enable renewable capacity firming is expected to grow by over 10% for the period 2019 to 2025.
Broader implementation of new grid technologies and the decentralisation of the grid at both regional and local levels are expected to drive widespread smart grid business growth.
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National markets of significance in the report include the US, where storage is expected to undergo significant growth, as a result of the increased deployment of grid-connected storage systems, as well as the implementation of federal tax incentive programmes, notes the study.
Japan’s energy storage market is expected to exceed $65 billion by 2025.
In Europe, Germany’s energy storage market is expected to grow by over 3% by 2025, driven by the German government’s goal to power 65% of its national electricity demand with renewables by 2030.