Analysts from Wood Mackenzie and the Energy Storage Association, evaluating the behavior of the North American market, predict that the total MWh deployed will grow almost 22 times in the next five years.
Energy storage has been the hot topic in solar and e-mobility for the last two years, and it's already a strong trend.
In 2021, energy storage installations in the United States totaled 411 MW and 877 MWh, up from almost nothing eight years earlier, and this is just the beginning.
The falling cost of lithium-ion battery technology is the main trend driving market growth for the energy storage industry this year. Since 2013, prices have fallen by almost 78%; In the fourth quarter of 2021, the market achieved a record growth of 282%.
The downward price trajectory of lithium-ion technology continues to confound many projections that the price will stabilize or even reverse. Instead, experts now expect cost reductions to continue as lithium prices fall and are expected to be 70% by 2023.
Bloomberg New Energy Finance has seen a 24% reduction in price for each doubling of cumulative volume, meaning an average battery pack could be just $94/kWh by 2024 and $62/kWh by 2030.
For Latin America, this is very good news and a great opportunity to advance in the independence of the residential sector and to assist the local, regional and national electrical networks.
Lubio Lenin Cardozo, engineer installation of photovoltaic systems
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