The US National Renewable Energy Laboratory (NREL) has updated its long-term battery energy storage system (BESS) costs through to 2050, with costs potentially halving over this decade.

Annual battery energy storage system (BESS) installations will grow by 10x between 2022 and 2030, according to research firm Rystad Energy.

Lithium-ion battery pack prices have gone up 7% in 2022, marking the first price rise since BloombergNEF began its surveys in 2010.

Energy storage costs in the US grew 13% from Q1 2021 to Q1 2022, said the National Renewable Energy Laboratory (NREL) in a cost benchmarking analysis.

The US energy storage market’s rapid growth is going to lead to scrambles for available battery supply, leading many to consider alternative technologies to lithium-ion.

High cost and material availability are the main non-technical barriers to energy storage deployment at the scale needed, according to a new report from MIT.

Asia-Pacific will overtake North America as the biggest utility-scale energy storage (UES) market by annual installed gigawatts (GW) by 2024-2025, according to a new report by Guidehouse Insights, one to two years later than in the firm’s previous forecasts.

Renewable energy uptake and the falling costs of battery energy storage are “inexorably linked” as the global economy faces a crucial decade ahead in its urgent need to decarbonise, according to work by McKinsey & Company.

The Asia-Pacific region will continue to be the world’s leading centre of lithium-ion cell manufacturing for the next decade, but it won’t just be price reductions in batteries that will drive a 30% drop in front-of-meter battery storage in key markets China, Australia and South Korea.

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