Supply shortages likely to hit utility energy storage as EV demand grows, IHS Markit says


From pv magazine USA

The global energy storage market is expected to enter a “prolonged period of growth” this year, with annual installations reaching more than 30 GW by 2030, up 250% from 2021 levels. That’s according to a new report from IHS Markit.

The firm forecasts that the energy storage industry will notch rapid growth this year, with installations topping 12 GW. That would be an increase of more than 7 GW from 2020. Annual global installations are forecast to exceed 20 GW in 2024 and 30 GW by 2030.

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The company said its outlook is underpinned by a growing number of national energy storage targets linked to stronger decarbonization goals. It said of particular note was China’s recently announced 30 GW energy storage target by 2025, which will help Asia to account for a growing share of global demand in the coming five years.

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