October 4, 2021
Global Energy Storage Industry Primed to Treble Annual Installations by 2030 Despite Tightening Supply of Li-ion Batteries, IHS Markit Says
Energy storage market’s rapid expansion is underpinned by ambitious government targets
The global energy storage market continues to prove resilient to the impacts of COVID-19 and supply constraints for Li-ion batteries and will enter a prolonged period of growth this year, with annual installations reaching more than 30 GW by 2030 – up 250% from 2021 levels – according to the latest report from the Clean Energy Technology service at IHS Markit (NYSE: INFO), a world leader in critical information, analytics and solutions.
IHS Markit forecasts that the energy storage industry will experience rapid growth in 2021, with installations reaching over 12 GW – an increase of over 7 GW from 2020. This will mark the start of a period of continued expansion, with annual global installations set to exceed 20 GW in 2024 and 30 GW by 2030.
