The global energy storage market will expand 13-fold to 158 Gigawatt hour (GWh) by 2024 from 12 GWh currently, according to the latest research from Wood Mackenzie Power & Renewables.
The global natural resources consultancy said in its report energy storage has been expanding into decarbonizing markets over the past 5 years. Last year witnessed 140 percent year-on-year growth in GWh terms – with a total of 3.3 GW/6 GWh deployed globally.
“Half of this GW capacity was a front-of-the meter, driven by accessible ancillary service revenues in key markets. There was also a notable trend for solar-plus-storage projects providing semi-dispatchable renewable capacity,” WodMac said.
Between 2019 and 2024, major storage markets are expected to thrive - with a more mature, but still early stage, GWh CAGR of 38 percent. Additionally, deployment numbers are expected to boom to 63GW/158GWh.
