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.

When will battery storage capacity increase in the world?

In the STEPS, installed global, grid-connected battery storage capacity increases tenfold until 2030, rising from 27 GW in 2021 to 270 GW. Deployments accelerate further after 2030, with the global installed capacity reaching nearly 1300 GW in 2050.

Are battery energy storage systems the future of electricity?

In the electricity sector, battery energy storage systems emerge as one of the key solutions to provide flexibility to a power system that sees sharply rising flexibility needs, driven by the fast-rising share of variable renewables in the electricity mix.

Why is the global battery market growing so fast?

The global battery market is growing rapidly as demand rises sharply and prices continue to fall. By 2024, with electric car sales rising 25% to 17 million, annual battery demand will surpass 1 terawatt-hour (TWh) — a historic milestone.

How many batteries are used in the energy sector in 2023?

The total volume of batteries used in the energy sector was over 2 400 gigawatt-hours (GWh) in 2023, a fourfold increase from 2020. In the past five years, over 2 000 GWh of lithium-ion battery capacity has been added worldwide, powering 40 million electric vehicles and thousands of battery storage projects.

What is the global demand for lithium-ion batteries in 2021?

In 2021, demand for automotive lithium-ion batteries was 340 GWh per year, doubling from 2020 ( , p. 167), with global electric vehicle sales reaching a record-breaking 6.6 million ( , p. 4), bringing the global electric vehicle fleet (excluding two−/three-wheelers) to 18 million ( , p. 99).