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Energy Storage attached to 50% of solar installs by 2030 – EXECUTIVE SUMMARY Free Download

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 buy 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 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 China and Europe and South Korea also acting as strongholds, mostly through partnerships with Chinese players.

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.

The Rethink Forecast Model

What Rethink has NOT done is call all the largest developers, ask for their pipeline activity and added it up, neither have we simply assumed the US will dominate.  We have instead assumed a set ratio between solar and energy storage, and wind and energy storage and calculated its likely changing attach rate. Eventually the US, China, Western Europe and advanced Asia nations, will have an attach rate of 50% of all new solar installations by 2030 (i.e. 50% plus will have storage installed with the solar).

The energy storage marketplace will rapidly mature from one focused on grid stability services and energy arbitrage to one which competes initially with peaker capacity, and then wholesale day ahead markets, in partnership with both solar, and to a lesser extent wind.

The market will re-accelerate when each reaches parity of solar plus battery versus gas turbines, which in most markets is a few short years.

While most forecasters are seeing the US as the intellectual property leader this report sees a weaker US market for some time, unless the US tax incentives for solar and battery are extended for a second time, which relies on politics. However the US has 22.6 GWh of hydro pumped storage and developers are well aware of how storage can work, they just need stimulus from politicians.

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

Who should Buy this Report?

This report is critical to anyone working in renewable energy development or engineering who plans to use battery technology for energy storage. It will earmark key moments in the fall in battery pricing, it will indicate problems with individual technologies, and it will demonstrate a methodology by which developers can calculate the likely timeline for when their projects will successfully receive funding.

Solar developers should use this report to push the case for the inclusion, at the right price, of battery technology, and its multiple additional revenue streams. Wind Developers should use it to push the case for partnering with existing and future storage projects.

“Energy Storage attached to 50% of solar installs by 2030” is a forecast by region of battery technologies used for energy storage, their volumes and global distribution, supported by clear graphs and tables and trend lines.

The Rethink Energy service at Rethink Technology Research is essential reading and provides three key streams – forecasts for particular technologies, like this one, deep weekly analysis of recent events, and a database of reference deals to compare your future projects against.

This report will;

· Give you a key numbers to drop directly into your spreadsheets for planning

· Give you confidence whether future scenarios pitched by battery players are likely

· Help you plan both battery and human capital capacity for your organization

For more information contact:

Natalia Szczepanek

Client Relations and Marketing Manager

[email protected]

Office phone: +44 (0)1179 257019

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Contents 2

Graphs and Tables 3

Energy Storage attached to 50% of solar installs by 2030 4

Lithium Factory growth drives uptake 4

Other Technologies 5

Chinese Lithium Plants 7

US Lithium Plants 7

European Lithium Plants 8

South Korea Lithium Plants 9

Global Lithium Spare Capacity 9

Global Storage Architecture 10

Power Purchasing and Chasing the Money 12

The Rethink Forecast Model 14

Rethink Formula For Solar 15

A word on DER 18

Global Energy Storage Forecast 19

Global Forecast 21

North America Energy Storage 22

Asia Pacific Energy Storage 23

European Energy Storage 25

MEA Energy Storage 26

Latin American Energy Storage 27

Some Sample Projects 28

Forecasting investment possibilities across renewables 30

Subscription costs 30

Contributors and contacts 31

About Rethink Technology Research 32

Lithium Ion Battery Manufacturing China 7

Lithium Ion Battery Manufacturing USA 8

Lithium Ion Battery Manufacturing Europe 8

Lithium Ion Battery Manufacturing Korea 9

Global Lithium Spare Capacity 9

Cumulative global Energy Storage in GWh 19

Annual additions of global energy storage against Lithium Ion capacity 19

Global annual Energy Storage additions 21

Global cumulative energy Storage by region 22

North America Cumulative Energy Storage Forecast in GWh 22

North America Annual Additions Energy Storage to 2030 in Gwh 23

Asia Pacific Annual Additions Energy Storage in GWh to 2030 24

Asia Pacific Cumulative Energy storage in GWh to 2030 24

Cumulative Energy Storage Europe in GWh 25

Battery Forecast Europe by Country to 2030 in MWh 25

Middle East Africa Cumulative Energy Storage in MWh to 2030 26

Middle East Africa Energy Storage Annual Additions in MWh to 2030 27

Latin America Energy Storage annual additions to 2030 in MWh 27

Recent Battery Projects 28

Latin America Cumulative Energy Storage in MWh to 2030 28