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Report: Green power storage market set to more than triple by 2030

The global market for electricity storage facilities could more than triple in size, requiring 280 billion euros ($380.1 billion) of investment over the next 20 years, according to a study released Friday by Boston Consulting Group's (BCG) Munich office.
Report: Green power storage market set to more than triple by 2030

According to the study’s authors, the share of renewable energy such as wind or solar power is expanding rapidly as the world looks to rein in carbon dioxide emissions.

In addition, additional power storage is also needed to provide balancing supply when loads on transmission networks vary significantly due to the volatility of the renewable energy fed into them.

“As the use of renewable energy grows and technologies mature, the market for storage will gradually increase, reaching approximately €10 billion annually by 2020 and offering strong first-mover advantages to a range of potential stakeholders,” they say.

The authors said after reviewing the business case for eight storage applications, they believed good financial returns were possible even without subsidies for utilities, raw materials and special equipment suppliers and financial players.

“There are business opportunities in energy storage for utilities and other power-system stakeholders, for suppliers of raw materials (such as lithium), batteries, and energy and RE technology, for end-product companies such as automotive OEMs, and for financial players such as venture capital and private-equity firms,” the authors continue, but they warn, “the time to start evaluating such investments is now, before the best lots are claimed.”

They also note that the US, Germany, China and Japan are currently considering storage-related regulations, developments that could boost opportunities in the sector.

For additional information:

Boston Consulting Group

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