Global storage market to double six times by 2030 to a total of 305 GWh, China reportedly started construction of world’s biggest 800 MWh battery (equivalent of 16,000 Tesla model 3 batteries), and it’s made in vanadium
“Global Storage Market to Double Six Times by 2030,” rising to a total of 125 gigawatts/305 gigawatt-hours, according to an article published by Bloomberg New Energy Finance (November 20, 2017).
305 gigawatt hours is equivalent in battery capacity to 6 million Tesla model 3 cars (each at 50kWh, according to Wikipedia). Currently there are approximately 2 million electric vehicles on the road. The article forecasts one-fourth of deployments to be in the U.S. and $103 billion to be invested in energy storage over the period
Global cumulative storage deployments. Source: Bloomberg New Energy Finance
This is a similar trajectory to that of the remarkable expansion that the solar industry from 2000 to 2015, in which the share of photovoltaics as a percentage of total generation doubled seven times. Eight countries will lead the market, with 70 percent of capacity to be installed in the U.S., China, Japan, India, Germany, the U.K., Australia, and South Korea.
Bloomberg New Energy Finance's (BNEF) New Energy Outlook data further reported that “Renewable energy sources are set to represent almost three quarters of the $10.2 trillion the world will invest in new power generating technology until 2040, thanks to rapidly falling costs for solar and wind power, and a growing role for batteries, including electric vehicle batteries, in balancing supply and demand.”
Utility-scale battery systems are expected to fall from about $700 per kilowatt-hour in 2016 to less than $300 per kilowatt-hour in 2030.
Economic tipping points mean renewable energy will account for over half of electricity generation by the mid-2020s in the UK and Germany.
As early as 2030, “there will be whole weeks where wind and solar power generation exceed total demand at some point every day,” analysts state (in the actual energy report, available only by subscription). This will be a very difficult experience for base load nuclear and coal-fired power plants. But it will be an opportunity for flexible power technologies such as energy storage and gas generators, or demand response such as flexible electric-vehicle charging and variable industrial loads that can respond quickly to conditions on the grid.
Vanadium batteries appear to be China’s way of coping with surging renewable energy capacities, according to the electrek article by John Fitzgerald Weaver, “World’s largest battery: 200MW/800MWh Vanadium Flow Battery—Site Work Ongoing” (Dec. 21, 2017).
A vanadium/mining industry PR firm has visited the site of an in development 200MW/800MWh vanadium flow battery (VFB) in Dalian, China and noted that site work is ongoing. They also stated that most of the product that will fill the site—the vanadium batteries—is already built in the manufacturer’s nearby factory.