According to the research institute, 3,064GW of installed renewable energy capacity will be deployed globally by 2021, highlighting the urgent need for energy storage systems to balance intermittent generation from renewable sources.
In 2021, the global energy storage market maintains high growth. The installed capacity of new energy storage systems was 29.6GWh, up 72.4% year on year. Looking ahead, the global energy storage market will expand rapidly, with a total of 362GWh deployed by 2025.
China will soon overtake Europe and the us in terms of energy storage deployments, with the cumulative deployment of storage systems expected to exceed 100GWh by 2025.
In the United States, where pumped storage capacity has stagnated in recent years, future growth will focus on electrochemical energy storage systems. The research group says it expects the cumulative deployment of energy storage systems in the U.S. to reach 136GWh by 2025. At the same time, driven by various geopolitical forces, Europe is expected to deploy a cumulative 54GWh of energy storage systems by 2025.