Will batteries lead to a sixfold increase in energy storage capacity?

Batteries need to lead a sixfold increase in global energy storage capacity to enable the world to meet 2030 targets, after deployment in the power sector more than doubled last year, the IEA said in its first assessment of the state of play across the entire battery ecosystem.

Will global battery storage capacity increase six-fold by 2030?

The global battery storage capacity must increase six-fold by 2030 – this is the main message of the International Energy Agency’s (IEA) Special Report, Batteries and Secure Energy Transitions, published in April.

Is a sixfold increase in storage capacity necessary?

But it estimates a sixfold increase in storage capacity is required to fulfil the targets set for 2030. In the most ambitious scenario outlined in the report, total spending on batteries across all applications is forecasted to surge to $1.2T by 2030, marking a nearly 400% increase from 2023.

Which sectors have a significant growth in battery storage capacity?

Significant growth was observed across various sectors, including utility-scale battery projects, behind-the-meter batteries, microgrids, solar home systems, and electric vehicles (EVs). The deployment of battery storage capacity reached 42GW worldwide, marking a year-on-year increase of over 130%.

Is battery storage the fastest growing energy technology in 2023?

In 2023, battery storage was the fastest-growing commercially available energy technology in the electricity sector, with deployments more than doubling from the previous year. At the same time, the cost of batteries has dropped by more than 90 percent in less than 15 years. This is said to be the fastest decline in clean energy technology ever.

What is the future of battery storage?

Batteries account for 90% of the increase in storage in the Net Zero Emissions by 2050 (NZE) Scenario, rising 14-fold to 1 200 GW by 2030. This includes both utility-scale and behind-the-meter battery storage. Other storage technologies include pumped hydro, compressed air, flywheels and thermal storage.