New research from Wood Mackenzie Power & Renewables has predicted that the global market for energy storage will increase from its current 12GWh to 158GWh by 2024.
The report said the five-year period from 2013-18 saw a global GWh compound annual growth rate (CAGR) of 74%, although the report “did observe relatively small deployment totals of 7GW/12GWh for the period”.
Research director Ravi Manghani said “more than half of the GWh during this period came online in 2018 alone, beckoning an inflection in storage demand”.
Wood Mackenzie reported that 2018 saw a total of 3.3GW/6GWh of energy storage deployed globally, half of which was in front-of-the-meter systems. The report also indicates a “notable trend” for solar-plus-storage projects providing semi-detachable renewable capacity.
Between 2019 and 2024, Wood Mackenzie expects the global storage deployment figures to “boom” to 63GW/158GWh. The US and China are expected to dominate the market with a 54% share between them.
“Energy storage will become a necessary technology to enhance system flexibility and enable clean, rapid system balancing, while de-risking ever increasing intermittent assets and portfolios,” said senior research analyst Rory McCarthy.
