World Energy Storage Forecast Increased 13% — Thanks, IRA & REPowerEU!

Bloomberg New Energy Finance has upgraded its forecast for global energy storage by 13% thanks to recent developments in the US and Europe.is predicting that it will rise to almost 150 GW by 2025, and over 400 GW by 2030. The core markets are the US, China, and the EU. As recently as November of last year, BNEF’s forecast was a cumulative installed capacity of 358 GW.

“With ambition the energy storage market has potential to pick-up incredibly quickly,” Yayoi Sekine, head of energy storage at BNEF, added. “The nuts and bolts of how energy storage projects will materialize as result of big policies like the US Inflation Reduction Act still need to be sorted. However, companies are already scaling up operations to capture the upside.”

The REPowerEU policy was produced in response to the Russian war in Ukraine. This has exposed European dependency on fossil gas imported from Russia.European Commission Vice President Maroš Šefčovič: “Energy storage will play a key role …. It will help facilitate the integration of renewables and the electrification of the economy, while increasing the flexibility and security of the energy system.

1 TWh by 2030 is too low

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