"The tumbling cost of batteries is set to drive a boom in the installation of energy storage systems around the world in the years from now to 2040, according to the latest annual forecast from research company BloombergNEF (BNEF).
The global energy storage market will grow to a cumulative 942GW/2, 857GWh by 2040, attracting $1.2 trillion in investment over the next 22 years. [It includes deployment of behind-the-meter and grid-scale batteries.] Cheap batteries mean that wind and solar will increasingly be able to run when the wind isn’t blowing and the sun isn’t shining.
BNEF’s latest Long-Term Energy Storage Outlook sees the capital cost of a utility-scale lithium-ion battery storage system sliding another 52% between 2018 and 2030, on top of the steep declines seen earlier this decade. This will transform the economic case for batteries in both the vehicle and the electricity sector….”
Continue reading: Energy Storage is a $1.2 Trillion Investment Opportunity to 2040. Bloomberg NEF, November 6, 2018.
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