Hello, all you solar enthusiasts out there! Today, we’re diving deep into the world of energy storage, and trust me, there’s some illuminating data out there that you simply cannot miss. As a solar expert who’s deeply passionate about solar technology, I’m thrilled to keep my fellow solar aficionados in the loop.
2023 was a watershed year for the energy storage market. The world witnessed a 149% spike as compared to 2022, adding 110 GWh of energy storage. The lion’s share of this global surge can be attributed to scaling demand in China, the United States, and Europe – these powerhouses contributed over 90% of market growth.
Let’s take a look at the individual players. China, the world’s most substantial energy storage market, saw a 229% increase in storage capacity year over year. Suddenly, the idea of solar panels for your home transforming into a mainstream reality doesn’t seem too far-fetched, right? The United States too expanded their storage by 112% in 2023 despite multiple internal disruptions, tax credits playing a decisive role here.
Meanwhile, Europe added 21.8 GWh of storage in 2023, an increase of 117% from the previous year. This growth was fueled by residential and front-of-the-meter (FTM) projects, reinforcing the potential in outfitting residences with a solar array for home use.
Peering further into the world of energy storage, we see that a whopping 196.7 GWh of battery cells were shipped in 2023, marking a considerable increase of 61% year on year. Of this, utility-scale and commercial and industrial shipments made up the vast majority – 168.5 GWh to be precise with CATL at the helm of this expansion.
The world’s top five battery cell makers in 2023 were all Chinese companies, indicating clear global dominance. CATL, BYD, Eve Energy, Hithium and REPT were leading the way, highlighting the prowess of Chinese technology and manufacturing in the global market.
Looking to the year ahead, the energy storage market momentum is set to continue. Not only will inventory levels stabilize, but also supportive policies will enable sustained market growth. In fact, projections are quite bright indeed, with the global expansion of energy storage installations predicted to grow at a rate of 50%. In this context, solar companies out there will have quite a pivotal role to play as we march towards a cleaner, greener future.
So, whether you’re a novice in the solar world or an established player in the industry, this is a fantastic time to keep your eyes peeled for emerging trends and opportunities. And for all homeowners on the fence about adding solar panels to your home, here’s yet another compelling reason to consider making the shift to solar.
Let’s keep shining the light on the future, solar lovers! Until my next post, keep staying informed and energized!
Original Articlehttps://pv-magazine-usa.com/2024/03/19/whats-in-store-for-storage/
