Battery Storage Cost Expected to drop by 66% says IRENA

Battery storage cost expected to drop by 66% says IRENA in a report published this month. In the Report IRENA looks at the role of electricity storage and predicts that battery storage is poised to grow at least 17-fold by 2030. As variable renewables grow to substantial levels, electricity systems will require greater flexibility. At very high shares of VRE, electricity will need to be stored over days, weeks or months. By providing these essential services, electricity storage can drive serious electricity decarbonisation and help transform the whole energy sector.

The growth in the electricity storage market to 2030 is not likely to be a one horse race. Although Lithium-ion (Li-ion) batteries are likely to dominate the EV market, this is not necessarily going to be the case in stationary applications.

“We have the technologies, and we have a template for success. Industry growth, access to new markets, and continued support policies where needed can make stored power highly competitive, like solar and wind power before it,” comments Adnan Z Amin, Director-General of IRENA.