Australia will be one of the nine countries leading this battery charge.
“We have become much more bullish about storage deployments since our last forecast a year ago. This is partly due to faster-than-expected falls in storage system costs,and partly to a greater focus on two emerging applications for the technology – electric vehicle charging,and energy access in remote regions,” BNEF energy storage analyst Yayoi Sekine said.
BNEF expects electric vehicles to be the main source of battery demand,followed by grid-scale batteries – rather than home batteries paired with solar – as they support more intermittent renewables like wind and solar entering the energy mix.
Loading
“We see energy storage growing to a point where it is equivalent to 7 per cent of the total installed power capacity globally in 2040,” BNEF head of energy storage Logan Goldie-Scot said.
“The majority of storage capacity will be utility-scale until the mid-2030s when behind-the-meter[household battery] applications overtake.”
The head of Australian energy distributor Ausgrid,Richard Gross,saidgrid or utility scale batteries,rather than household batteries,is where most of the technology’s non-EV growth will occur,to support more renewable energy.