BAKU, Azerbaijan, April 22. The capacity of the UK’s battery storage market is forecast to grow up to 24 GW by 2030, Trend reports via Rystad Energy, independent energy research and business intelligence company from Norway.
The investments, at the same time, are expected to reach $20 billion, and, as a result, the combined energy reserves will be enough to power 18 million homes for a year.
"Thanks to this rapid expansion, the UK will account for almost 9 percent of all global capacity installations, sitting fourth in the table behind China, the US and Germany," the report added.
According to Rystad Energy analysts, the UK plan to increase its renewable energy capacity to 30 GW by 2030 by installing more solar, wind and other infrastructure. Therefore, the need for sustainable storage solutions is increasing due to the volatile nature of these renewable sources.
"We project that the UK will meet and even surpass its target, but only if the government addresses some expected roadblocks. Namely, ensuring widespread grid connections for battery systems, mitigating supply chain issues and developing a policy framework for pumped hydro projects," Rystad Energy said.
As the report noted, of the 4.7 GW of installed energy storage capacity in the UK, battery energy storage systems (BESS) account for only about 2.1 GW.
"Most of the current capacity, 2.8 GW, comes from pumped hydro storage – a form of turbine-powered hydroelectric storage where water moves between two reservoirs at different heights. Although these systems are efficient, the financial and regulatory hurdles required to develop new capacity mean the UK is unlikely to add new projects in the short term. However, the government plans to establish a strategy for long-duration energy storage (LDES) developments, such as pumped hydro, by the end of 2024, boosting capacity buildout in the long term," the report noted.
As Rystad Energy analysts expects, battery developments are not only set to grow in number but also in scale thanks to the government’s decision to lift size restrictions on project planning.
"As a result, the most common size of BESS projects in the UK is set to leap, with some single projects even topping 1 GW. A battery project of this scale could require as much as 55 acres of land, equivalent to more than 40 football fields," the report concluded.