Cumulative energy storage installations will go beyond the terawatt-hour mark globally before 2030 excluding pumped hydro, with lithium-ion batteries providing most of that capacity, according to new forecasts.
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.
Supply chain constraints impacting the energy storage industry have come at a “critical” stage for the sector’s development, a BloombergNEF analyst has said.
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.
Although different energy storage technologies are often thought of as in competition with each other, it’s a case of all-hands-on-deck if we are to achieve deployment targets.
Pandemic-related supply chain issues for lithium battery materials hitting the energy storage space are just “bumps in the road” for the sector, and the supply chain will “come out stronger because of it”.
Supply chain shocks are causing short-term rises in the price of lithium-ion battery packs, but overall the price trend is downward and by 2024 average prices could dip below US$100/kWh.