IFC’s Global Development Report Gives an Outlook on the Expected Growth of the Energy Storage Market

In collaboration with Navigant Research and the Energy Sector Management Assistance Program (ESMAP), the International Finance Corporation (IFC) presents its forecast for the development of energy supply models in emerging markets worldwide.

With an expected growth rate of annually 40 percent over the next decade, the global storage capacity will gain approximately 80 GW in this period, according to the report. IFC’s study provides a detailed overview of the trends, chances and limits of energy storage technology in global markets and also discusses specific application fields of advanced energy storage systems (ESS) in developing countries.

Despite various barriers, which still make the installation of ESSs too expensive and too complicated to realize in many countries at the moment, a general global turning towards clean power supply and especially stationary ESSs is notable. Over time energy suppliers, as well as governments, seem to adjust their prices and reform their national regulations in order to respond to the global market’s requests.

While the energy production and the consumption rate of developing countries is expected to rise significantly over the following twenty years, worldwide restrictions on greenhouse-gas emissions won’t lose their importance – which leads to a growing importance of energy storage especially in regions with poorly developed grid infrastructure.

Source: International Finance Corporation | World Bank Group

Image Source: © IFC | ifc.org

 

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