Steady demand growth
Governments across the globe are accelerating energy transition. Utility-scale renewable power plants aside, demand for C&I and rooftop projects has increased rapidly. Among renewable sources, solar and wind power are the best technologies to transform energy. In 2020, global cumulative installed solar capacity surpassed 700 GW, and it is expected to exceed 3,000 GW by 2030. However, the intermittency and instability of renewable energy brought challenges to the traditional grid system, such as supply of feeder, power dispatching, voltage, and regulation. Energy storage system provides an antidote to the problems, and thus has revolutionized from power reserve to a necessary facility.
50% of solar-plus-storage market share
There are more than ten kinds of application and function category of energy storage in the grid. Among which, its integration with renewable energy draws the most attention. Rationale behind includes rigid demand from the grid and power plants, the ability to increase power utilization while reduce solar and wind energy curtailment, various applications across FTM, BTM, C&I, and residential projects, and supportive policies.
Electrochemical energy storage is in the nascent stage of development. In 2020, global cumulative installed capacity was 14 GW/ 32 GWh, with solar-plus-storage systems accounting for only a single digit of share. Such a small scale showed little potential. But just like how solar PV and electric vehicles developed, the energy storage industry will thrive over time.
InfoLink forecast that the global electrochemical energy storage market will grow to 1,000 GWh by 2030, 30 times the size in 2020. It’s worth noting that solar-plus-storage market will increase significantly from pre-2020 levels to nearly 50%, reaching beyond 400 GWh, predicted senior ESS analyst Fang-wei Yuan of InfoLink.
InfoLink will release a global solar-plus-storage market analysis report in January 2022 to help business gain insights and competitive edge in the energy storage market.
- Global and major FTM, BTM-C&I, and BTM-Residential solar-plus-storage markets.
- Solar-plus-storage LCOE assessment and forecast for FTM, BTM-C&I, and BTM-Residential markets.
- Analysis of major players in global energy storage industrial chain.
- Product analysis.
- Updates on major markets (countries/regions).
- For more solar-plus-storage market analysis, contact firstname.lastname@example.org for the 2H21 Solar-plus-storage Global Market Report