The global grid-connected energy storage capacity is expected to reach 21GWh by 2025.
That’s according to analyst firm IHS Markit, which estimates the world’s energy storage market to double from 1.4GWh in 2015 to 2.9GWh this year.
Lithium-ion batteries will become the mainstream energy storage technology and more than 80% of global installations is expected to include that in the next decade, it states.
Japan and the US are forecast have the largest energy storage markets, generating a third of market revenues totaling $50 billion (£37.5bn) during the same period.
Marianne Boust, Principal Analyst at HIS Markit said: “Energy storage is set to grow as fast as solar photovoltaic energy has in recent years, sparking strong interest from a wide range of players and underscored by recent mergers and acquisitions among car manufacturers, major oil and gas companies and conventional power suppliers.
“The United States and Japan are leading the way but we’re also seeing activity in South Africa, Kenya, the Phillippines and other countries as the cost of batteries continues to decline.”