The Energy Storage Problem

Global energy storage is projected to grow 15-fold by 2030 according to Bloomberg.net.

The anticipated acceleration of the US market follows the passage of the Inflation Reduction Act in August of 2022, since a lot of money was then allocated to wind, solar, and storage tax credits.

While the new tax credit policy supports more growth, supply chain constraints cloud deployment expectations until 2024.

Russia’s invasion of Ukraine has had a clear impact on energy storage deployments in Europe plus the world is still dealing with pandemic related supply chain issues. Tack that onto inflation, high transport costs, and raw material prices making battery cells more expensive over the last year, the US and China continued to be the two largest markets for energy storage representing over half of global installations by the end of this decade.