New battery storage capacity to grow over 400GWh annually by 2030
Rystad Energy noted this is a ten-fold increase compared to current annual additions.
Additional battery storage capacity is expected to grow by more than 400 gigawatt-hours (GWh) annually by 2030, Rystad Energy reported.
This reflects a ten-fold increase compared to the current annual additions to battery storage capacity.
“Batteries will play a fundamental role in the future of energy production and power demand, solving the intermittency problem of renewable energy generation,” Sepehr Soltani, energy storage analyst, Rystad Energy, said.
“To decrease reliance on coal and gas as back-up power generation sources, countries must invest in battery energy storage systems (BESS) now.”
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Rystad Energy reported that BESS capacity additions globally expanded 60% year-on-year in 2022 with total new installations exceeding 43GWh.
The report projected that an additional 74GWh will be seen this year, which is a 72% increase. This will be driven largely by cost reduction in BESS systems as well as incentives in North America, governmental funding programs in Europe, and renewable capacity expansion in mainland China.