Energy storage

• In the long term, California will need a massive amount of new energy storage to meet its goal of 100% carbon-free energy by 2045.
• California needs 45-55 gigawatts of long duration energy storage by 2045 to hit climate targets and maintain clean, reliable electricity.
• The deployment of low carbon technologies needed by 2050 to meet net zero will require a significantly increased use of energy storage technologies across all vectors and durations.
• New York's mandate for 3 gigawatts of energy storage by 2030 will play a vital role in storing and discharging wind and solar energy to match demand, much of it targeted for downstate.
• The US energy storage market is expected to expand from an annual deployment of 523 MW in 2019 to 7.3 GW in 2025.
• Because of the fast development of electric vehicle technology and the increasing demand for electric vehicles, the global market of LIBs is predicted to keep increasing to USD 93.1 billion by 2025.
• To accelerate the world to zero carbon and tackle climate change once and for all, Tesla estimates global demand for batteries will be 20-25 terawatt-hours per year, not only for electric vehicles but also energy storage.
• The world will need 10,000 GW-hours of batteries and other forms of energy storage by 2040, a 50-fold increase on today.
• Spain's target of 2.5 GW of energy storage (excluding pumped hydro) by 2030 is seen as ambitious, particularly given existing regulations.
• Europe's energy storage capacity across all segments is expected to grow from 3 gigawatts today (excluding pumped hydro) to 26 gigawatts in 2030 - and 89 gigawatts by 2040.
• The US Energy Storage Association has set an ambitious goal of 100 GW of new energy storage deployment by 2030 with a portfolio including batteries, thermal, mechanical and pumped storage hydro.
• Frost & Sullivan's recent analysis, Outlook for the Global Energy Storage Industry, 2020, predicts the market to decline, as project delays, including the lack of access to residential and commercial clients, affect the industry.
• Just behind the US in energy storage deployment, China is expected to see exponential growth in storage capacity, accounting for just over a fifth of global cumulative capacity at 15 3GW by 2030.
• Availability of substitutes such as energy storage, demand response techniques, and innovative grid technologies is a major factor expected to hinder the global market between 2019 and 2027.
• The Global Energy Storage Industry, 2020, predicts the market to decline, as project delays, including the lack of access to residential and commercial clients, takes its toll.
• The solar sector could account for 22 million jobs by 2050, energy storage could support 4.5 million workers, and wind energy could constitute 1.5 million jobs if the world reaches 100% renewable by 2050.
• Wood Mackenzie Power projects that energy storage deployments are estimated to grow +1,300% from a 12 Gigawatt-hour market in 2018 to a 158 Gigawatt-hour market in 2024.
• Better batteries and other energy storage technologies can open up opportunities to replace unabated fossil fuels in a variety of end-use applications and integrate more renewable energy into the energy system.
• Greentech Media sees the U.S. solar, wind, energy storage, and hydropower industries ushering in a new era of cooperation between their sectors, with the goal of bringing renewables to constitute a majority of electricity generation sources by 2030.
• Electric vehicles sold globally through 2020 could provide between 120 and 549 GWh in energy storage capacity by 2028 - representing a significant amount of storage capacity that is both cost-effective and more environmentally friendly than lead - acid batteries.
• The Virginia State Corporation Commission issued a proposed rule to put Dominion Energy and the Appalachian Power Company on a path toward 2.7 GW and 400 MW, respectively, of energy storage by 2035.
• Planned energy storage to integrate OSW and reduce curtailments New York has committed to deploying 3,000 MW of storage by 2030.
• More than half of the electricity generated in the United States by 2030 will come from renewable energy supported by energy storage.

Last updated: 17 January 2021