A Fork in the Road for Energy Storage
As we look ahead to 2025, the energy storage sector faces a pivotal moment. Rapid declines in battery prices and a global oversupply will clash with an increasing wave of protectionism worldwide. The question is: how will these factors shape the future of the energy storage industry? Marek Kubik, a thought leader in the sector and UN advisor, explores the critical issues at play.
We have grown accustomed to witnessing record-breaking years in energy storage, and 2024 was no exception. Tesla, a prominent manufacturer, deployed 31.4 GWh of storage—an impressive 213% increase from 2023. Market intelligence provider Bloomberg New Energy Finance revised its forecasts upward not once but twice, ultimately projecting nearly 2.4 TWh of battery energy storage capacity by 2030. This projection may even be conservative, as the dynamics of positive feedback loops and exponential growth are notoriously difficult to predict. Humans often struggle to grasp exponential trends effectively.
In 2019, pumped hydro storage (PHS) accounted for 90% of global energy storage power output, measured in gigawatts. However, it is anticipated that batteries will surpass PHS in this regard by 2025, and in terms of energy storage capacity measured in gigawatt-hours by 2030.
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