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According to the latest analysis by IHS Markit, an international market research organization, the installed capacity of global energy storage capacity will exceed 10 gigawatts (GW) by 2021, more than
double the 4.
5 GW increase in 2020.
In 2021, the U.
S.
will account for half of energy storage installations, about three times
the rate of capacity growth a year ago.
George Hilton, senior analyst at IHS Markit Cleantech, said: "The United States will continue to expand its dominance in the global market through 2023
.
”
From 2025, activity in the Chinese mainland market will accelerate and drive 44%
of annual installations across Asia Pacific by 2030.
In Europe, annual installs in 2021 will increase by about 70%
compared to 2020.
IHS Markit expects 17 more countries to reach new installed capacity of 100 MW or more by 2022, up from nine in 2020
.
"As the technology begins to become a core component of power grids in developed markets and new opportunities continue to emerge in emerging markets, the energy storage industry will begin significant multi-year growth in 2021 and will continue into 2030
," Hilton said.
”
For all geographic regions, keeping grid power stable and reducing the intermittency of renewables are the main drivers, as renewables continue to account for a larger share
of electricity output due to decarbonization measures.
The IHS Markit study also found that solar + energy storage installations take advantage of the expansion of the Solar Investment Tax Credit (ITC) passed at the end of 2020, and U.
S.
lawmakers are supporting energy storage
for grid reliability purposes.
By 2025, solar panels will benefit from a reduced tax burden
.
Elsewhere, global solar installations grew by 30% in 2021 compared to 2020, with China accounting for about 35%
of new installed capacity.
Meanwhile, offshore wind installations will double to 10 GW
in 2021.
According to the latest analysis by IHS Markit, an international market research organization, the installed capacity of global energy storage capacity will exceed 10 gigawatts (GW) by 2021, more than
double the 4.
5 GW increase in 2020.
In 2021, the U.
S.
will account for half of energy storage installations, about three times
the rate of capacity growth a year ago.
George Hilton, senior analyst at IHS Markit Cleantech, said: "The United States will continue to expand its dominance in the global market through 2023
.
”
From 2025, activity in the Chinese mainland market will accelerate and drive 44%
of annual installations across Asia Pacific by 2030.
In Europe, annual installs in 2021 will increase by about 70%
compared to 2020.
IHS Markit expects 17 more countries to reach new installed capacity of 100 MW or more by 2022, up from nine in 2020
.
"As the technology begins to become a core component of power grids in developed markets and new opportunities continue to emerge in emerging markets, the energy storage industry will begin significant multi-year growth in 2021 and will continue into 2030
," Hilton said.
”
For all geographic regions, keeping grid power stable and reducing the intermittency of renewables are the main drivers, as renewables continue to account for a larger share
of electricity output due to decarbonization measures.
The IHS Markit study also found that solar + energy storage installations take advantage of the expansion of the Solar Investment Tax Credit (ITC) passed at the end of 2020, and U.
S.
lawmakers are supporting energy storage
for grid reliability purposes.
By 2025, solar panels will benefit from a reduced tax burden
.
Elsewhere, global solar installations grew by 30% in 2021 compared to 2020, with China accounting for about 35%
of new installed capacity.
Meanwhile, offshore wind installations will double to 10 GW
in 2021.
