Annual global energy storage installations are set to see a 250% increase by 2030.
In its latest report, the information provider IHS Markit estimates that the number of energy storage projects installed annually will have a capacity of more than 30GW by 2030.
The analysis predicts that the energy storage market will grow rapidly this year, with installations reaching more than 12GW, an increase of over 7GW from 2020 levels.
That will be followed by further expansion to 20GW in 2024, the authors of the report forecast.
According to the research, the growth is driven by an increasing number of national energy storage commitments, including China‘s 30GW target by 2025.