1. Battery Storage to Become $1.2trn Market, with Australia Leading the Way

    Battery Storage to Become $1.2trn Market, with Australia Leading the Way

    Australia is set to lead the global energy storage boom, which according to a report by Bloomberg New Energy Finance (BNEF) will grow to a $1.2trn industry. The global energy storage market is set to draw in $1.2trn investment by 2040 and the cost of batteries is also set to significantly decrease. The report, entitled the Long-Term Energy Storage Outlook, predicts a strong uptake of stationary energy storage, thanks to households trying to maximise solar self-generation and networks working to balance increasingly renewable grids.

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  1. Quotes

    1. We have become much more bullish about storage deployments since our last forecast a year ago. This is partly due to faster-than-expected falls in storage system costs, and partly due to a greater focus on two emerging applications for the technology – electric vehicle charging, and energy access in remote regions.
    2. We see energy storage growing to a point where it is equivalent to 7% of the total installed power capacity globally in 2040.
  2. Topics Mentioned

  3. Categories

    1. Electricity Source:

      Solar Photovoltaic, Wave, Tidal, Hydro, Wind
    2. Storage Market:

      Commercial & Industrial, Military, Residential & Community & Microgrid, Smart Grid, Utility Grid, Vehicle-to-Grid/Home
    3. Storage Technology:

      Compressed Air/Gas, Flow Battery, Flywheel, Hydrogen, Lead, Liquid Metal, Lithium, Magnesium, Mechanical Storage, Nickel, Sodium, Supercapacitors, Vanadium, Zinc
    4. Article Types:

      Null, Reports and Conferences