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Frost & Sullivan, an international market research firm, said Thursday that global grid battery storage capacity is expected to grow from 8.
5 GW in 2020 to 134.
6 GW
by 2030.
The consulting firm estimates that the market size will reach $15.
94 billion (€13.
3 billion) by 2030, driven by the growth of intermittent renewable energy and the falling cost of technology, compared to $2 billion in 2020, which will represent a compound annual growth rate of up to 23%
during the period.
Maria Benintende, energy & environmental research analyst at Frost & Sullivan, said the Asian region, led by China, will account for 46.
2 percent
of the total battery storage capacity on the grid by the end of the decade.
Another leading region will be North America, led by the United States, with a 32.
4% share
.
”
Benintende added that European participation is expected to decline to 13.
3% from 25.
6%
in 2020 due to "saturation of the frequency conditioning market and lack of business cases for other applications.
" In addition, Latin America, Africa and the Middle East will see limited growth"
.
Frost & Sullivan, an international market research firm, said Thursday that global grid battery storage capacity is expected to grow from 8.
5 GW in 2020 to 134.
6 GW
by 2030.
The consulting firm estimates that the market size will reach $15.
94 billion (€13.
3 billion) by 2030, driven by the growth of intermittent renewable energy and the falling cost of technology, compared to $2 billion in 2020, which will represent a compound annual growth rate of up to 23%
during the period.
Maria Benintende, energy & environmental research analyst at Frost & Sullivan, said the Asian region, led by China, will account for 46.
2 percent
of the total battery storage capacity on the grid by the end of the decade.
Another leading region will be North America, led by the United States, with a 32.
4% share
.
”
Benintende added that European participation is expected to decline to 13.
3% from 25.
6%
in 2020 due to "saturation of the frequency conditioning market and lack of business cases for other applications.
" In addition, Latin America, Africa and the Middle East will see limited growth"
.
