NewEnergyNews: Global Energy Storage Boom Goes On


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  • MONDAY’S STUDY AT NewEnergyNews, August 8:
  • Big Gains From Dems’ New Climate Bill

    Friday, August 05, 2022

    Global Energy Storage Boom Goes On

    Global energy storage: staggering growth continues – despite bumps in the road; China continues to set the pace for energy storage market growth – while the US feels the lingering impact of the solar anticircumvention investigation

    Dan Shreve and Anna Darmani, 28 July 2022 (Wood Mackenzie)

    The global energy storage market is set to reach the precipice of the 500GW milestone by 2031 – with the US and China representing 75% of global demand in a highly consolidated market…The US is set to be a 27 GW annual market by 2031; 83% of that volume is grid-scale…[but there were] 2022 and 2023 demand downgrades of 34% and 27% resulting from an antidumping and countervailing duties (AD/CVD) tariff suit in Q2…

    …[An Executive Order (EO) issued on 6 June provided] a two-year delay of new duties on solar cells and modules imported from the countries named in the investigation – Cambodia, Malaysia, Thailand and Vietnam. Most projects are now expected to be delayed, rather than cancelled, and a near-term rebound is possible…[Europe’s energy storage market] is set to increase fivefold to 2031, [but] mid-term growth could stall if policies fail to improve the economics…Europe’s demand lags behind that of China and the US, the energy storage superpowers, as its grid-scale storage market has yet to find its footing. The distributed storage segment continues to dominate – but dramatic renewable supply growth, gas supply tightness and overburdened interconnectors can kickstart the region’s grid-scale market in the next decade…

    China leads the Asia Pacific energy storage market, and is a pace-setter for global growth. However, the profitability of storage projects in the region remains a challenge…China’s Fourteenth Five-Year New Energy Storage Development Implementation Plan – released in March 2022 – reiterated the central importance of energy storage…[and] proposes that by 2025 energy storage will enter the large-scale development stage, with system costs falling by more than 30% through improved technology performance…” click here for more


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