Global Battery Storage Capacity Set To Reach 2,200 GW By 2050: Report

A 15% Dip In BESS Costs Can Halt New Coal Power Growth: EMBER

BP Energy Outlook 2024 report, reported a rise in global power generation to nearly 25,000 TWh under current projections. This increase is closely paralleled by an approximately eight-fold rise in wind and solar power, reaching 23,000 TWh.

The study projects a 40% decline in global coal-fired generation by 2050, with significant decreases expected across most regions except India and emerging Asia. In India, coal generation is anticipated to surge by over 90% by 2050, driven by rapid electricity demand growth.

The report also estimates an increase in wind and solar power expansion, which totals a 45,000 TWh increase (14-fold higher than 2022 levels), is expected to significantly displace coal and natural gas in the global power sector. Whereas, the coal generation, in particular, is forecasted to plummet by more than 90%, reducing its share of global power from nearly 40% in 2022 to about 1% in 2050.

Wind And Solar Power Expansion Can Displace 45,000 TWh of Coal & Natural Gas

The study also highlights a substantial growth in battery storage capacity, projected to reach approximately 2,200 GW by 2050 under current trends, and potentially 4,200 GW in a net-zero scenario. This increase is crucial for storing energy from renewables over longer periods. A significant majority (70-80%) of this capacity growth is expected in emerging economies, which are leading in solar generation and where battery storage is well-suited to manage daily solar power variations.

Regarding dispatchable capacity, which ensures power generation availability as needed, technologies like battery storage and interconnectors play pivotal roles in providing flexibility to the grid.

As wind and solar power play larger roles in the future energy mix, the value proposition of gas- and coal-fired power stations shifts from primary power providers to backup capacity providers. In a net-zero scenario, coal and natural gas are projected to contribute only 1% and 5% of power generation by 2050, respectively, with 75-80% of their output using Carbon Capture, Utilization, and Storage (CCUS) technology.

Wind And Solar Power Play Larger Roles In The Future Energy Mix

Looking ahead, India is expected to emerge as one of the fastest-growing electricity markets globally. Electricity consumption in India is forecasted to nearly double by 2035 and more than triple by 2050 in both scenarios, potentially surpassing the EU as the third-largest power market by 2035 in the net-zero scenario and by 2040 under current trends. Despite this growth, per capita electricity consumption in India in 2050 is projected to remain less than half of that in the EU.”