4.3 GW of grid-connected energy storage will be deployed globally in 2019, IHS Markit
Post date: 09/05/2019 - 17:53
The year 2018 set a record for deployment of grid-connected battery energy storage. Global installations almost doubled, especially driven by growth in South Korea in the first half of the year. The four largest markets in 2018 were South Korea, the United Kingdom, China and the United States, together accounting for more than 60 percent of total installations, according to the business information provider IHS Markit.
A total of 4.3 GW of grid-connected energy storage will be deployed globally in 2019 – annual installations will grow to more than 10.6 GW by 2025. The annual grid-connected energy storage hardware revenues are projected to grow from $3.7 billion in 2018 to $8.4 billion in 2025 at a compound annual growth rate (CAGR) of 12 percent, expects IHS Markit.
The United States will grow to be the largest market in 2019 overtaking South Korea, as solar-plus-storage and peaking capacity requirements drive procurement. The expiration of feed-in-tariffs (FiT) and new incentives will accelerate the growth of residential energy storage in Japan and Australia.