The "Great Era" of Energy Storage: Global Energy Storage Accelerates, Opportunities and Challenges Exist


2024-05-24 17:54

With the global carbon neutrality to promote in-depth, energy transformation in the world has presented an irreversible trend, the global energy storage market has entered a stage of rapid development. According to statistics, 2017-2023 global energy storage new installed capacity average growth rate of more than 85%, especially after 2020 showed nearly doubled every year growth trend, energy storage "era" has come.

Global energy storage to expand six times more by 2030 to reach COP28 target

With the acceleration of the energy transition and carbon reduction, the energy storage industry is in a period of unprecedented development. At COP28, 200 countries around the world committed to further tripling the total global installed renewable energy capacity by 2030. In order to reach this goal, from now to 2030, the global overall energy storage capacity will increase by six times, in order to meet the demand for renewable energy. Electrochemical energy storage will account for 90 per cent of this increase, with pumped storage making up most of the remaining 10 per cent.

Energy storage industry ushered in the development of the "Golden Time"

The accelerated adjustment of the global energy structure and the rapid development of the new energy industry have put forward urgent requirements for the energy storage industry. Under this, energy storage has become a key technology of the energy revolution. According to statistics, by the end of 2023, the global power energy storage projects have been put into operation with a cumulative installed capacity of 289.2GW, with an annual growth rate of 21.9%. China is the world's largest energy storage application market, last year the new energy storage installed capacity accounted for nearly 50%, with Europe and the United States together accounted for 88% of the global market.

Multiple opportunities come with multiple challenges

Accompanied by the rapid growth of the global installed capacity of energy storage, the energy storage industry is also facing multiple challenges. Although electrochemical energy storage technologies such as lithium batteries are relatively mature, there are still limitations in their large-scale application and economy, and the energy density of the storage system required for different application scenarios is different from the power density, and the performance of the current energy storage system still needs to be improved. Although the energy storage market demand continues to grow, but compared to other energy technologies its market size is still relatively small, which greatly limits the scale of application and development of energy storage technology.

In addition, the global energy storage industry is still facing challenges in other aspects such as economy, policy and safety. Governments, enterprises and society still need to work together to strengthen technological research and development, improve the market operation mechanism, and promote the energy storage industry to accelerate towards value-driven and seek real cost reduction capabilities.