NewEnergyNews: Global Battery Storage Boom Gets Bigger

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    Friday, August 02, 2019

    Global Battery Storage Boom Gets Bigger

    Energy Storage Investments Boom As Battery Costs Halve In The Next Decade

    July 31, 2019 (Bloomberg New Energy Finance)

    “…Energy storage installations around the world will multiply exponentially, from a modest 9GW/17GWh deployed as of 2018 to 1,095GW/2,850GWh by 2040…This 122-fold boom of stationary energy storage over the next two decades will require $662 billion of investment…It will be made possible by further sharp declines in the cost of lithium-ion batteries, on top of an 85% reduction in the 2010-18 period…[Lithium-ion battery costs per kilowatt-hour will fall another 50%] by 2030, as demand takes off in two different markets – stationary storage and electric vehicles…

    [Cheaper batteries can be used in more and more applications. These include energy shifting (moving in time the dispatch of electricity to the grid, often from times of excess solar and wind generation), peaking in the bulk power system (to deal with demand spikes), as well as for customers looking to save on their energy bills by buying electricity at cheap hours and using it later…

    Just 10 countries are on course to represent almost three quarters of the global market in gigawatt terms… South Korea is the lead market in 2019, but will soon cede that position, with China and the U.S. far in front by 2040. The remaining significant markets include India, Germany, Latin America, Southeast Asia, France, Australia and the U.K…Falling wind, solar and battery costs mean wind and solar are set to make up almost 40% of world electricity in 2040, up from 7% today…[Passenger electric vehicles could become a third of the global passenger vehicle fleet by 2040, up from less than half a percent today…

    [Energy storage will become a practical alternative to new-build electricity generation or network reinforcement. Behind-the-meter storage will also increasingly be used to provide system services on top of customer applications…The total demand for batteries from the stationary storage and electric transport sectors is forecast to be 4,584GWh by 2040…” click here for more

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