From pv magazine ESS news place
The global energy storage fleet continues to grow by leaps and bounds thanks to economic growth growing demand for clean firm capacity and fast falling battery storage prices. However, analysts suggest that the sector is only just getting started and exponential growth can be expected in the coming years.
According to the latest forecasts from research and consultancy firm Wood Mackenzie, the global energy storage market (excluding pumped hydro) is on track to reach 159 GW/358 GWh by the end of 2024.
Looking ahead, 926 GW/2,789 GWh will be added between 2024 and 2033, an increase of 636%, according to Wood Mackenzie’s update to the global energy storage market outlook for the second quarter. This makes energy storage one of the fastest growing markets in the energy sector as renewable energy integration challenges increase.
“The global deployment of energy storage in 2023 achieved a record growth of 162% compared to 2022, accounting for an installation of 45 GW/100 GWh. While impressive, the growth represents just the beginning for a multi-TW market as policy support on tax exemptions and capacity and hybrid auctions accelerate storage buildout across regions,” said Anna Darmani, principal energy storage analyst at Wood Mackenzie.
China continues to lead the world in energy storage deployment, thanks to its booming solar market, with annual capacity expansion expected to average 42 GW/120 GWh over the next decade.
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