Recent evidence shows that spillover effects are already strong.
New policies and projects are set to further accelerate growth in key markets Australia remains a key market for behind-the-meter storage, but utility-scale deployments are expected to dominate over the next several years. Japan’s strong growth in behind-the-meter storage installations continued, reaching nearly 300 MW in 2020. Federal subsidy schemes that helped to propel Korea to become the leading storage market in 2018 were phased out in January 2021, which will likely lead to lower storage deployments in the near-term. In Korea, deployments rose 6% in 2020 after a steep drop between 20.
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Meanwhile Great Britain’s National Grid Electricity System Operator is conducting a weekly auctioning trial and launched its Dynamic Containment frequency response service in October 2020, providing significant opportunities for storage with fast response requirements mostly satisfied by batteries. Europe’s leading market is now Germany, where behind-the-meter installations nearly doubled. In Europe, a drop in utility-scale installations were offset by a strong expansion in residential installations. In January 2021, the White House issued an executive order pledging to achieve a carbon-free electricity sector by 2035.
In December 2020, Congress approved a USD 900 billion Covid-19 relief bill that included a two-year extension of the solar investment tax credit (benefiting storage deployments tied to solar) as well as the Better Energy Storage Technology Act, authorising over USD 1 billion over five years to support the research and commercialisation of a range of storage technologies. In the United States, capacity additions from utility-scale projects more than quadrupled in 2020, led by two large projects in California.
This would be a nearly ten-fold increase on its installed capacity as of 2020.
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In July 2021, China announced plans to install over 30 GW of energy storage by 2025 (excluding pumped hydro). This strong growth was driven by projects for renewable energy integration and the commissioning of delayed projects. Several major policies and projects announced in the past year are expected to boost growth in global energy storage deployment, building on strong progress in 2020.Ĭapacity additions in China more than doubled in 2020.
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