Vanadium redox flow battery industry poised for significant growth in the coming years according to new forecasting.

The global energy storage market will grow to deploy 58GW/178GWh annually by 2030, according to forecasting by BloombergNEF.

The 2020s are “the energy storage decade,” and the world will surpass a terawatt-hour of installations by the time they are over, according to predictions made by analysts at BloombergNEF.

The US is likely to install record setting amounts of battery storage this year, demonstrating the acceptance the technology has found in the power sector and as an integral part of the clean energy transition. 

The UK is undoubtedly one of the hottest global markets for battery storage today and a considerable pipeline of projects exists. Analyst Mollie McCorkindale from Solar Media Market Research explains some of the methodologies to filter out the top 10 projects in development.

Despite a subdued year in 2019 and a challenging start to 2020 caused by the COVID-19 outbreak, the outlook for energy storage remains strong, says Julian Jansen of market research group IHS Markit, taking a deep dive across segments and geographies.

While pumped hydro plants still account for around 96% of installed capacity of stationary energy storage worldwide, there will be more than 28GW of lithium batteries deployed for stationary storage applications by the year 2028, Navigant Research has predicted.

The India Energy Storage Alliance (IESA) has published its fifth edition of its India Stationary Energy Storage market report, which predicts that the market for energy storage in India will grow at a CAGR of 6.1% by 2026.