An estimated $103 billion will be invested in the energy storage market globally over 15 years as countries attempt to boost grid flexibility in response to a rising share of renewable energy on the grid.

Bloomberg New Energy Finance (BNEF) has released new analysis indicating that the global energy storage market will double six times between 2016 and 2030, rising to a total of 125 GW/305 GWh.

Its growth trajectory will match that of the solar industry between 2000 and 2015, when the share of photovoltaics as a percentage of total generation doubled seven times, BNEF said.

Energy storage systems, both behind the meter and utility-scale, will be an essential source of flexibility and crucial to the integration of renewables. Countries such as the USA, China, Japan, India, Germany, U.K., Australia and South Korea will be key markets, according to BNEF’s report.

As deployment of energy storage systems increases, costs will fall, BNEF says. It sees utility-scale battery systems falling from about $700/kWh in 2016 to less than $300/kWh in 2030.