Will energy storage growth continue through 2025?
With developers continuing to add new capacity, including 9.2 GW of new lithium-ion battery storage capacity in 2024 through November 2024 and comparable levels of growth expected through the fourth quarter of 2024, energy storage investments and M&A activity are expected to continue this trajectory through 2025.
Will battery storage grow in 2025?
In the United States, the 2022 introduction of the Inflation Reduction Act included an investment tax credit for stand-alone storage. Since then we have seen huge growth in the sector in the US, and we expect to see this to continue into 2025, with several large-scale battery storage projects set to complete in 2025.
Will low Lithium prices affect battery prices in 2025?
In 2025 these conditions will persist and aided by low lithium prices, will continue to put downward pressure on battery prices. In China, battery prices already dipped below $100 per kWh in 2024. Whether we see these low prices around the world in 2025 will depend on trade dynamics for major auto markets, including tariffs.
Why did battery prices fall 20% in 2024?
In 2024, global average battery prices fell 20% to $115 per kWh, driven by excess production capacity in China and burgeoning low-cost battery chemistries like lithium iron phosphate. In 2025 these conditions will persist and aided by low lithium prices, will continue to put downward pressure on battery prices.
How much battery capacity will the UK have by 2025?
By the end of 2025, cumulative UK installed grid battery capacity is set to reach 8GW. While speeding up grid connections is welcome, simplifying local planning policies is equally crucial.
Which countries have increased energy storage capacity in 2024?
For example, the Spanish government approved an update to their National Integrated Energy and Climate Plan in September 2024 which has increased their installed energy storage capacity targets to 22.5 GW by 2030.
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