Battery storage solutions are essential for a successful energy and mobility transition. Image source: Shutterstock (#604115147).
According to a report released by Bloomberg New Energy Finance yesterday, the global energy storage market will double in size six times until 2030. This means it will skyrocket from 5 gigawatt-hours in 2016 to over 300 gigawatt-hours and 125 gigawatts of capacity in just over 10 years.
The growth is driven by cost reductions for batteries and associated systems, and the need for more capacity and flexibility due to an increasingly wind and solar-powered grid. An estimated $103 billion will be invested until 2030.
Greentech Media
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