The global energy-storage market will surge to a cumulative 942 gigawatts by 2040, according to a new forecast from Bloomberg NEF published Tuesday, and that growth will necessitate $1.2 trillion in investment. Sharply falling battery costs is a key driver of the boom. BNEF sees the capital cost of a utility-scale lithium-ion storage system falling 52% by 2030.
But cost isn’t the only factor. Governments from China to California are spurring demand, as is the rise of electric vehicles and solar power. There’s also been a greater focus on storage for electric-vehicle charging as well as energy access in remote areas.
“Costs have come down faster than we expected,” said Yayoi Sekine, a New York-based analyst at BNEF. “Batteries are going to permeate our lives.”
The implications of cheaper batteries are far-reaching, upending multiple industries and helping spur technologies necessary to help fight climate change. Batteries power electric vehicles and enable machines to tap solar power.
Read the full article: http://www.latimes.com/business/technology/la-fi-tn-batteries-20181106-story.html