Energy Storage will grow from 6 GWh installed today to over 635 GWh cumulatively by 2030. Annual additions will go from 6 GWh in 2019 to 101 GWh by 2030, according to a report out this week from Rethink Technology Research’s Rethink Energy service.

Throughout this period of dramatic growth the Asia Pacific region, led by China will dominate installations with 273 GWh out of 635 GWh, or some 43% of all energy storage capacity, while the rest of Asia adds around 155 MWh or 24.5%. Europe will install some 20% of total cumulative capacity, and the US just 67.7 GW or some 10.7% of total global capacity. MEA and Latin America will effectively be left behind with a few percentage points each.

The key technology will be Lithium Ion batteries which have massive momentum, brought about by the arrival of Electronic Vehicles. The top 10 manufacturers alone have planned some 510 GWh of annual global factory capacity by 2030, with 45% of global Lithium Ion manufacturing capacity located in China and Europe and South Korea.

There will be plenty of room for alternative energy storage technologies such as Vanadium Flow and large storage GWh-class devices including ETES, Liquid air and Energy Vault cranes based systems, but without the huge investment in Lithium Ion batteries, this segment would not take off quite so rapidly. We estimate that 90% off the global energy storage market will remain Lithium based until a new technology emerges to lead, possibly by 2040.

Companies mentioned in this report

8Minute, AES Distributed Energy, BYD, CATL, CellCube, East Bay Community, Energy, EDF Renewables, EDP Renewables, Energy Vault, Equinor, LG Chem, Masdar, NGK Insulators, Northvolt, NV Energy, Quinbrook Infrastructure Partners, RedT, Rongke Power, sonnen, San José Clean Energy, Saft, Samsung, Svolt Energy, SK Innovation, Tesla

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