The total installed energy storage capacity that will be installed globally by the end of 2030 is predicted to be 20 times larger than what it was at the end of last year.

That’s according to a new report by BloombergNEF (BNEF) which estimates that countries will install nearly 345GWh of new energy storage capacity between 2021 and 2030.

That is more than Japan’s entire power generation capacity in 2020, the analysis suggests.

The authors of the report predict that the US and China will lead in new energy storage deployments, followed by India, Australia, Germany and the UK.

BNEF’s forecast also suggests that nearly 55% of new energy storage build will be designed to provide energy shifting, including the storage of solar or wind.

Yiyi Zhou, Clean Power Specialist at BNEF and Lead Author of the report, said: “The global storage market is growing at an unprecedented pace.

“Falling battery costs and surging renewables penetration make energy storage a compelling flexible resource in many power systems.”