The market for Energy Storage is still a young market that many countries are entering and growing very fast. Baker Tilly looks at what the trends are by geographic area; which countries are investing the most money and which countries have the most energy storage rounds.
But before we look at the leading countries in the sector, let's explain what Energy Storage is. Energy Storage comprises mankind's methods of conserving, as far as possible, a certain amount of energy in any form for use when required, concentrating and releasing energy that can be consumed during or after the storage process.
The United States continues to lead investment in energy storage and expand its grid. In 2018, utilities interconnected 760.3 MWh of energy storage. This is an annual increase of 44.9% in MWh deployed compared to 2017 and after cumulative storage of 1,966.6 MWh.
In second place, we find UK who received the most rounds, focus on seed rounds, as the money raised gives them seventh place.
On the other hand, Germany has a large market, given that, it has an ambitious energy transition project in which it wants to reduce at least 80% of greenhouse gas emissions by 2050 and will also phase out all its nuclear power plants by 2023. This plan requires an investment in the energy storage market as we see in the figure (almost 470M$ in 2018) - Germany Trade & Invest (GTAI).
Although we do not have access to data from China, most of the investments are made by government companies, it is a leader in the amount of investments in the renewable energy market. In 2017, China invested USD 133 billion in renewable energy.