Global energy storage installations will reach 358GW by the end of 2030, surging 20 times from 17GW at the end of 2020, according to the latest forecast from research company BloombergNEF (BNEF).
BNEF estimates the growth will need $262 billion of investment.
The U.S. and China will be the top two markets, and will account for more than half of the global storage installations by 2030.
State governments and power enterprises' continuous efforts in renewable exploitation boosted a rise in energy storage in the U.S. China implemented stricter renewable integration rules, in a bid to reach the ambitious installation target of 30GW of cumulative build by 2025.
Other important economies including India, Australia, Germany, the UK and Japan also jonined in the energy storage building rank.
(Writing by Lilya Li Editing by Harry Huo)
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