Energy Storage Market To Attract $1.2 Trillion By 2040

Citing the tumbling cost of batteries, a new report from Bloomberg NEF (BNEF) says the global energy storage market, excluding pumped hydro, is expected to attract $1.2 trillion in investment from now until 2040.

BNEF has significantly increased its forecast for the global deployment of behind-the-meter (BTM) and grid-scale batteries over the coming decades. The research organization says the global energy storage market is set to grow to a cumulative 942 GW/857 GWh over the next 22 years.