BloombergNEF — Asia Pacific to Become Battery Central

China, India, Japan, Australia and, the current front runner, South Korea — are the strongest candidates to lead the world in investing battery storage, according to Bloomberg New Energy Finance's Long-Term Energy Storage Outlook.

It's a market they expect to grow to $620 billion and 942GW/2,857GWh installed capacity by 2040. For the immediate future, South Korea (home of the battery manufacturer LG) will dominate convincingly. They forecast a takeover in the early 2020s by the US before China overtakes them in the late 20s through into 2040.

Germany, France and the UK are key regional markets as well. All nine countries, including the US and Asia Pacific players, taken together will account for two thirds of total battery storage capacity for the entire world.

Developing countries, Africa especially, should also see considerable uptake in PV paired storage solutions as utilities are likely to “recognize [sic] increasingly that isolated assets combining solar, diesel and batteries are cheaper in far flung sites than either an extension of the main grid or a fossil-only generator.

Logan Goldie-Scot, head of energy storage at BNEF, added: “We see energy storage growing to a point where it is equivalent to 7% of the total installed power capacity globally in 2040. The majority of storage capacity will be utility-scale until the mid-2030s, when behind the meter applications overtake.

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