The global energy storage capacity has been on the increase as a total of 16GW was added last year, equivalent to a 68% of year-on-year growth, according to BloombergNEF (BNEF).
BNEF’s Energy Storage Market Outlook series unveiled that 2022 was the global energy storage’s record addition. However, the growth is expected to continue in the following years. BNEF is forecasting a 23% compound annual growth rate until 2030, with annual additions reaching 88GW or 278GWh.
Europe, the Middle East and Africa (EMEA) added 4.5GW of capacity last year. Residential batteries, particularly in Germany and Italy, led installations in the region, and this trend is expected to continue until 2025 thanks to high retail electricity prices and government incentive programmes supporting household deployments. Currently, the residential segment is proportionally the largest in the region.
EMEA will account for 24% of capacity deployed in 2030 and is expected to reach 114GW, or 285GWh, cumulatively by the end of 2030, with the UK, Germany, Italy, Greece and Turkey leading the growth. Pipeline projects in Greece, Romania, Spain, Croatia, Finland and Lithuania will also spur the growth.
The Asia-Pacific region (APAC) is likely to dominate capacity growth in the coming years, representing 44% of additions in 2030. China is forecast to lead in deployments in the region, driven by local targets and compulsory renewable integration policies. China is expected to overtake the US as the largest energy storage market in terms of MW by 2030, as BNEF said it had increased its China forecast by 66% to account for new provincial energy storage targets, power market reforms and industry expectations supporting significant new capacity.