Bloomberg New Energy Finance (BNEF) has revised its long-term forecast for growth in energy storage.

According to the report titled “Long-term Energy Storage Outlook,” global energy storage capacity will reach 942 GW/2,857 GWh by 2040, with an investment of $620 billion. This will account for 7% of total electricity production capacity.

At the beginning of the 2018-2040 period, South Korea will lead, followed by the US at the beginning of 2020, and then China at the end of 2020. China will maintain its leadership position uninterrupted.

India, Japan, Germany, France, Australia, and the UK will also have a significant share in the growth, and the energy storage demand of these nine countries will account for two-thirds of the market.

Large-scale power plants will dominate the market until the mid-2030s, after which applications in buildings will become more prominent.

By 2040, electric vehicles will account for 93% of total demand, thanks to a 52% decline in the cost of lithium-ion batteries from 2018 to 2030.