Energy storage is a crucial tool for enabling the effective integration of renewable energy and unlocking the benefits of solar and wind power for emerging markets. But how big is the opportunity, and how imminent? Contact online >>
Energy storage is a crucial tool for enabling the effective integration of renewable energy and unlocking the benefits of solar and wind power for emerging markets. But how big is the opportunity, and how imminent?
A new report commissioned byIFC and ESMAPfinds that energy storage deployments in emerging markets are expected to grow 40 percent annually over the coming decade, resulting in about 80 gigawatts of new storage capacity. This will be a significant increase upon the less than 2 GW of capacity currently in place.
The report outlines the principal uses, drivers, and challenges regarding the commercialization of energy storage technologies in low- and middle-income countries, providing a forecast of expected deployments by region and impacts on energy access, grid stability, and other key areas. Technical review was provided by the U.S. Department of Energy''s Clean Energy Investment Center.
The largest energy storage markets in the coming decade are expected to be China and India, supported by those countries'' ambitious renewable energy targets.
Latin America is another attractive market for energy storage development, given the region''s renewable energy roll-out plans – particularly in Mexico, Chile, and Brazil.
In South Africa, storage is expected to be driven by greater integration of renewables.
In MENA, many countries are looking to deploy large amounts of renewable energy to reduce the amount of domestic fossil fuels used for local power generation – freeing up that fuel to be sold abroad, bringing in revenue for government programs.
Download the report PDF here.
Download the Key Findings Summary here.
View the "Stationary Energy Storage - Opportunities in Emerging Markets" January 9, 2017 recording here.
Learn more about theESMAP Renewable Energy Program
Energy storage deployments in emerging markets worldwide are expected to grow over 40 percent annually in the coming decade, adding approximately 80 GW of new storage capacity to the estimated 2 GW existing today. This report provides an overview of energy storage developments in emerging markets along with details on the services ESSs provide at the utility-scale, in buildings, and in remote power systems. Key trends and barriers for the technology in emerging markets are also be explored in depth. Finally, case studies are included to highlight successful projects around the world that demonstrate both the challenges and potential for energy storage in emerging markets.
Eller,Alex;Gauntlett,Dexter.Energy Storage Trends and Opportunities in Emerging Markets (English).Energy Sector Management Assistance Program (ESMAP) Washington, D.C. : World Bank Group.
BNEF tracks investment in the global energy transition, covering everything from renewables and nuclear to electrified transport and heat, hydrogen, carbon capture and sustainable materials. Explore the latest trends in our 2024 edition.
Energy Transition Investment Trends is BloombergNEF''s annual review of global investment in the low-carbon energy transition. It covers a wide scope of sectors central to the transition, including renewable energy, energy storage, nuclear, hydrogen, carbon capture, electrified transport and buildings, clean industry, clean shipping and power grids.
In addition to the core ''energy transition investment'' figures, which focus on the deployment of clean technologies, we also track investment in the clean energy supply chain, VC/PE and public markets investment in climate-tech companies, and for the first time this year, debt issuance for energy transition purposes.
The figures are compiled through a combination of bottom-up research on hundreds of thousands of individual deals and projects, aggregated estimates for consumer-led technologies, Bloomberg terminal data and other third-party sources.
Press ReleaseGlobal investment in the energy transition hit $1.8 trillion in 2023, up 17% on the previous year and a new record.
Get a Grip, Unleash, Lock In: An Energy Transition To-Do List For 2024Alongside the investment trends report, our Deputy CEO, Albert Cheung, discusses the energy-transition to-do list that must be addressed in 2024.
A high-level summary of the Energy Transition Investment Trends 2024 report is available online at the link below. BNEF clients can access the full report here or on the Bloomberg Terminal.
BloombergNEF (BNEF) is a strategic research provider covering global commodity markets and the disruptive technologies driving the transition to a low-carbon economy. Our expert coverage assesses pathways for the power, transport, industry, buildings and agriculture sectors to adapt to the energy transition. We help commodity trading, corporate strategy, finance and policy professionals navigate change and generate opportunities.
Fueled by factors such as a significant uptick in wind and solar installations, an expedited process of power market reform, fluctuations in ESS prices, and clearer policies, the global energy storage market is experiencing a period of rapid expansion.
According to Trendforce projections, new installations of global energy storage are poised to reach 74GW/173GWh in 2024, marking a year-on-year growth of 33% and 41%, respectively. While maintaining a notable increase, the growth rate is expected to slow down slightly. Regionally, Europe and the Middle East Africa region are experiencing faster growth, whereas Asia-Pacific and the Americas are showing signs of deceleration.
Regarding ESS types, commercial and industrial (C&I) energy storage systems are entering a phase of swift development, surpassing the incremental growth of utility-scale installations and other ESS types by a significant margin.
In 2024, global installations of ESS are poised to hit 74GW/173GWh, with China, the United States, and Europe contributing a whopping 85% to the total installations.
Thanks to an oversupply of lithium carbonate and energy storage battery cells, the prices of energy storage battery cells have plummeted from RMB 0.9/Wh at the beginning of 2023 to below RMB 0.4/Wh, and they are expected to remain at this low level for the foreseeable future. This significant reduction in the cost of energy storage system installations has led to a steady increase in project IRR (Internal Rate of Return), effectively bolstering the growth of global energy storage installations.
Based on Trendforce''s global ESS installation database, the forecast indicates that global energy storage new installations will surge to 74GW/173GWh in 2024, marking a significant 33% and 41% year-on-year increase. Notably, the primary regional market landscape remains consistent, with China, the US, and Europe collectively representing 85% of the global total installations.
Projections for Global ESS Installations in 2024( Unit: GW)
Despite the sustained high growth in global demand for energy storage installations, several risks persist that could impede progress:
Commercial and industrial (C&I) ESS is experiencing a surge in growth, entering a phase of rapid development.
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