According to a recent forecast by Bloomberg New Energy Finance analysts, the next ten years will be the "energy storage era", when the total energy storage capacity of the global energy storage system will exceed 1TWh.

In a recently released survey report called "Global Energy Storage Market Outlook", the company predicted that by the end of 2020, the scale of energy storage systems deployed globally will be 17GW/34GWh, and that it will invest 262 billion US dollars to deploy 345GWh in the next ten years. The cumulative deployment of 999GWh energy storage system will reach 358GW/1,028GWh by 2030.

Yayoi Sekine, director of distributed energy at Bloomberg New Energy Finance, said that more than half of the new energy storage capacity will be used to store excess electricity from solar power and wind power and transmit it to the grid when needed. This can be seen from the increasing popularity of renewable energy + energy storage projects, especially solar + energy storage projects.

It is generally believed that by 2030, energy storage systems as a means of grid infrastructure investment are still on the verge. However, the rapid development of battery technology has promoted the development of the energy storage market. The battery energy storage system uses a variety of lithium-ion batteries, and the lithium iron phosphate battery (LFP) will surpass the nickel manganese cobalt (NMC) ternary lithium battery for stationary energy storage applications for the first time in 2021.

The application of lithium iron phosphate batteries (LFP) will continue to maintain an upward trend, and will become the main choice for battery energy storage systems in the next ten years. But people need to pay attention to the development of new technologies such as sodium ion batteries. Competitive advantages such as price and mature supply chain will be some of the factors to maintain this development trend.

Another market research organization, Wood Mackenzie Power & Renewables, made similar predictions in its global energy storage outlook report released in October this year. The surge in installed capacity of energy storage systems in the next ten years will bring the total global demand for energy storage systems close to 1TWh. It is expected that in the future, the United States and China will dominate the global energy storage market, and the new installed capacity of energy storage systems in these two markets will exceed half of the global energy storage market by 2030.

Yiyi Zhou, the lead author of the survey report released by Bloomberg New Energy Finance, said, “The global energy storage market is growing at an unprecedented rate. Falling battery costs and soaring demand for renewable energy have become new resources in many power systems. The deployment scale of energy storage projects is getting bigger and bigger, the duration of continuous discharge is getting longer and longer, and more and more are deployed with renewable energy power generation facilities."

He said that other major markets to watch include India, Australia, Germany, the United Kingdom and Japan. Common drivers include supportive policies, climate commitments, and growing demand for flexible energy, which may drive the deployment of every energy storage market.

Analysts emphasized that energy storage deployment in the Europe, Middle East, and Africa (EMEA) region will lag behind the Asia-Pacific region and the Americas, which may be surprising, especially when Europe has set strong climate targets. However, with the growth of renewable energy power generation and the elimination of fossil fuels and the localization of the battery supply chain, the energy transition will accelerate the pace of development in the Europe, Middle East and Africa (EMEA) region, and its energy storage market may also accelerate develop.

Bloomberg New Energy Finance said that the energy storage system to be deployed in the Asia-Pacific region has a higher installed capacity, while the energy storage system deployed in the Americas has a higher energy storage capacity. This situation will continue in the next decade.

Lithium-ion battery (LIB) has become the main energy storage solution in modern social life. Among them, lithium iron phosphate batteries are a perfect replacement for lead-acid batteries, and they are the first choice for grid-connected peak shaving, off-grid energy storage, photovoltaic energy storage, UPS, data center and other industries.

Solar power generation system with lithium battery energy storage system is a very promising clean energy.