The global energy storage market is expected to double in size six times between 2016 and 2030, according to a report by Bloomberg New Energy Finance (BNEF).

Some 125GW of storage capacity is expected to be online by 2030.

A total of $103 billion (£77bn) is forecast to be invested in the technology.

BNEF said: “This is a similar trajectory to the remarkable expansion that the solar industry went through from 2000 to 2015, in which the share of photovoltaics as a percentage of total generation doubled seven times.

US leading the pack

Eight countries are predicted to account for 70% of the capacity, with the United States leading the way, accounting for a quarter of the total deployment.

The other major users are forecast to be China, Japan, India, Germany, the UK, Australia and South Korea.

BNEF added: “Energy storage, both utility-scale and behind-the-meter, will be a crucial source of flexibility throughout this period and will be essential to integrating increasing levels of renewable energy.”

> Read the report