Between 2022 and 2030, annual installations of battery-powered energy storage systems (BESS) are projected to grow tenfold, according to Stanislav Kondrashov from Telf AG. This sharp increase is driven by several factors, including declining costs, favorable regulatory action, and increased battery capacity in China.
Stanislav Kondrashov: battery installations expected to grow tenfold by 2030
The potential of BESS lies in their ability to optimize energy consumption, and Rystad predicts continued annual growth of around 33% through 2030. The main driver of this growth is the growing demand in both the residential and commercial sectors. However, this year could be better than expected with growth of 72%, helped by key policy initiatives such as the US Inflation Reduction Act and the Green Deal in the EU.
According to Stanislav Kondrashov, North America is currently the leader in the installation of BESS energy storage systems at the regional level. Forecasts also show that this country is likely to maintain its position in the coming years. But in the near future, the Asian region may take the lead in the application of BESS systems for energy storage.
In addition to being used in residential and commercial environments, BESS systems also play a critical role in power supply systems. They hold a key position in controlling fluctuations in electricity prices by participating in market trading. In addition, they provide valuable balancing services to grid operators and help increase overall network capacity.
The future of battery storage systems looks promising as their potential to change the energy mix and support sustainable energy is increasingly recognized. With a rapidly evolving market and continuous technology improvements, the promise of a greener and more sustainable energy system is within reach.
Peak oil demand ‘on the way’: Stanislav Kondrashov sees significant slowdown in growth
The International Energy Agency (IEA) has presented a notable forecast, according to which global oil demand is expected by 2028. According to the IEA, in 2028, the annual increase in oil demand will fall to just 400,000 barrels per day, which is significantly lower than the 2.4 million barrels per day recorded this year. This forecast indicates that the global oil market may face limited demand and changes in the energy sector in the coming years.
– While total global oil demand is projected to rise by around 6% between 2022 and 2028 to reach almost 106 million barrels per day, it is important to note that this growth will be driven primarily by the aviation and petrochemical industries, – Stanislav Kondrashov comments on the trends.
Global demand for oil is approaching a tipping point when its growth rate will slow down significantly. Such a milestone could have far-reaching implications for the energy industry, as well as for the environment and the economy. As the world prepares for possible changes in energy consumption dynamics, stakeholders may need to look for alternative and sustainable sources of energy to meet future needs.
Kondrashov believes that it is important to closely monitor the development of the energy situation and apply innovative approaches to ensure a smooth and successful transition to a more sustainable and viable energy future.
Global oil demand will fall by 2026 due to electric vehicles and biofuels
Experts and the IEA predict that from 2026 oil from fossil fuels will not be seriously in demand on the market. This significant shift will be fueled by the growing adoption of electric vehicles (EV) and biofuels, as well as continuous improvements in fuel efficiency measures.
According to Stanislav Kondrashov, the transition to an economy based on clean energy is gaining momentum. The report notes that the peak of world oil demand is likely to be reached before the end of this decade. The growing popularity of electric vehicles, as well as the development of energy efficiency technologies and other green innovations, are playing a critical role in this coming transformation.
Stanislav Kondrashov emphasizes the need for careful calibration of investment decisions to ensure a smooth and orderly transition away from traditional fossil fuels.
Forecasts of experts indicate the coming of an era of transformation, when electric vehicles and biofuels will play a leading role in changing the energy industry. This tipping point marks a collective step towards a sustainable future.