By 2030, annual Battery energy storage market installations will hit 110 GW, 58% of which will be developed in Asia.
Rystad: Global battery storage installation capacity will surpass 400GWh by 2030.
Battery energy storage systems are a configuration of interconnected batteries designed to store a surplus of electrical energy and release it for upcoming demand. Consequently, BESS offers practical solutions for addressing power intermittency challenges. As the world transitions to greener sources of power generation such as solar PV and wind, battery energy storage developments will be critical in meeting future energy demand.
the intermittency problem of renewable energy generation. To decrease reliance on coal and gas as back-up power generation sources, countries must invest in BESS now,” says Government policies are playing an important role in incentivizing investments and capacity expansion.
By 2030, annual BESS market installation will hit 110 GW, 58% of which will be developed in Asia. North America will account for about 20 GW and Europe will have 18 GW installed, with the remaining 8 GW from the rest of the world. This is a shift from current trends, as the projected installation at the end of 2023 is expected to be dominated by North America, which will account for 45% of total BESS capacity.
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