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Global storage market to grow thirteen-fold in five years

Fri, 04/12/2019 - 13:40 -- Hugh Finzel

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”.

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