Research body Wood Mackenzie forecasts almost 640% growth in global energy storage by 2033. Excluding pumped hydro, it expects nearly 1TW of new capacity to come online in the period. “This makes energy storage one of the fastest growing markets in the power industry as renewable integration challenges rise,” it said in its latest Q2 global energy storage market outlook.
Global demand for renewables has reached “unprecedented levels”, driven by policy targets and technology innovation, plus concerns for energy security, it said. Luke Lewandowski, vice president of global renewables research at Wood Mackenzie, said the energy storage growth was despite inflation, grid constraints and permitting challenges.
China will continue to dominate the energy storage market, the report said. Its booming solar market will mean an average of 42GW/120GWh annual capacity additions to energy storage. The global market is expected to reach 159GW/358GWh by the end of 2024, according to Wood Mackenzie. Looking ahead, 926GW/2789GWh will be added between 2024 and 2033, a 636% increase.
In Europe, grid-scale projects are booming, it said.
