Guidehouse Insights says that the annual power capacity deployments of battery-based residential energy storage systems (RESS) are expected to grow at a CAGR of 21.3% from 2021 to 2030 globally.
Industry-watchers will closely follow how the recently completed acquisition of energy storage system integrator NEC ES by LG Energy Solution pans out.
Utility-scale battery energy storage system (BESS) installations in the US grew 196% to 2.6GW in 2021 but overall clean power installations fell 3%, according to the latest annual figures from the trade body American Clean Power Association (ACP).
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.
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.
