Storage market to 'include 30GW a year by 2030'

• IHS Markit report states growth is underpinned by nationwide targets linked to strengthened decarbonisation

The global energy storage space market will certainly add over 30GW a year by 2030, up 250% on 2021 levels, according to a report from the Clean Energy Technology solution at IHS Markit.

IHS Markit stated it forecasts that energy storage space will experience rapid growth in 2021, with installments getting to over 12GW, a rise of over 7GW from 2020.

It added that this will note the beginning of a duration of continued development, with yearly worldwide setups readied to surpass 20GW in 2024 as well as 30GW by 2030.

The expectation is underpinned by an expanding number of ambitious national energy storage space targets linked to strengthened decarbonisation commitments from around the world, the report said.

In particular, China's lately introduced 30GW energy storage space target by 2025, which will assist Asia to account for a growing share of international demand in the coming five years, IHS Markit said.

Tightening supply of Lithium-ion batteries, brought on by an increase in the outlook for electrical vehicle (EV) fostering, will create delays yet not dent the growth expectation, it added.

EV need can create hold-ups to forecast commissioning as cell manufacturers prioritise bigger clients in the automotive industry over fairly small energy storage system integrators, the report claimed.

Nevertheless, IHS Markit claimed it expects the present disturbance will certainly alleviate within 12-18 months, as system distributors diversify their supply base and also EV makers tighten their procurement plans for the coming years.

IHS Markit elderly expert clean energy technology George Hilton claimed: "Delays associated with supply rigidity have actually not yet brought about any type of significant decreases in the outlook for the market as well as IHS Markit still anticipates installations to expand strongly as global supply of Li-ion batteries expands to meet demand."

Decarbonisation objectives will play an important duty in driving the storage sector over the coming years.