Hyperdrive
The Battery Boom Will Draw $620 Billion in Investment by 2040
Employees work on the roof of an electric bus at the BYD Coach and Bus factory in Lancaster, California.
Photographer: Patrick T. Fallon/BloombergThis article is for subscribers only.
The battery boom is coming to China, California and basically everywhere else—and it will be even bigger than previously thought.
The global energy-storage market will surge to a cumulative 942 gigawatts by 2040, according to a new forecast from Bloomberg NEF published Tuesday, and that growth will necessitate $620 billion in investment. Sharply falling battery costs is a key driver of the boom. BNEF sees the capital cost of a utility-scale lithium-ion storage system falling another 52 percent by 2030.