The energy storage market is increasing as more and more countries, and companies recognize the importance of energy storage for the transition to a clean energy future; according to a recent report by BloombergNEF, the global energy storage market is expected to reach 741 gigawatt-hours (GWh) by 2030, up from just 17 GWh in 2015.
The energy storage market is also becoming increasingly diversified, with various technologies and applications being developed and deployed. While lithium-ion batteries are currently the most common form of energy storage, other technologies such as flow batteries, compressed air energy storage, and pumped hydro storage are also being developed and deployed.
In the United States, the energy storage market is also growing rapidly. According to the US Energy Storage Monitor report, the US energy storage market grew by 240% in 2020, with a total of 2,156 megawatt-hours (MWh) of storage capacity installed. As of 2021, the US has an estimated 1,650 MW of storage capacity installed, with states such as California, Texas, and Hawaii leading the way in deployment.
The growth of the energy storage market is driven by various factors, including the increasing adoption of renewable energy sources, the need to improve grid stability and reliability, and the desire to reduce greenhouse gas emissions and combat climate change. As more and more countries set ambitious targets for reducing their greenhouse gas emissions, the demand for energy storage is only expected to grow.
In addition, the declining cost of energy storage technologies is making them increasingly cost-competitive with traditional fossil fuel-powered plants. As the cost of lithium-ion batteries and other forms of energy storage continues to decline, they are expected to become an increasingly attractive option for meeting peak power demand and improving grid stability.
Overall, the energy storage market is poised for significant growth in the coming years, driven by a combination of market forces and government policies to reduce greenhouse gas emissions and promote the adoption of renewable energy sources.