US energy storage markets could see a “last-minute rush” followed by plummeting installation numbers if tax credit incentives are cut.

BloombergNEF (BNEF) has found that utility-scale BESS uptake in Australia could increase eightfold to 18GW in 2035, up from 2.3GW in 2024.

BNEF analyst Isshu Kikuma discusses trends and market dynamics impacting the cost of energy storage in 2024 with ESN Premium.

A growing industry trend towards larger battery cell sizes and higher energy density containers is contributing significantly to falling battery energy storage system (BESS) costs. 

Some long-duration energy storage (LDES) technologies are already cost-competitive with lithium-ion (Li-ion) but will struggle to match the incumbent’s cost reduction potential.

After a difficult couple of years which saw the trend of falling lithium battery prices temporarily reverse, a 14% drop in lithium-ion (Li-ion) battery pack cost from 2022-2023 has been recorded by BloombergNEF.

A total of 16GW was added last year, equivalent to a 68% of year-on-year growth.

Finland has launched a new battery development strategy and is touting for investors to build up its manufacturing industry.

The global energy storage market will grow to a cumulative 942GW/2,857GWh capacity by 2040, attracting US$620 billion in investment, caused by sharply decreasing battery costs, according to a Bloomberg NEF (BNEF) report.

The rise of energy storage will enjoy a similarly meteoric trajectory to that enjoyed by solar PV deployment in the past and could reach 305GWh of installations by 2030, BNEF has predicted.