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According to a new report released this week by Wood Mackenzie Power & Renewables, the global energy storage market is expected to grow 13-fold over the next five years, with new energy storage reaching 146 gigawatt-hours (GWh)
by 2024.
"From 2013 to 2018, we saw fledgling market growth," explains Ravi Manghani, research director at Wood Mackenzie Power & Renewables, "Although the deployment of energy storage was approximately 7 GW/12 GWh over this period, the CAGR over this period was as high as 74%.
”
"Nevertheless, these developments have changed the thinking of regulators, policymakers, grid operators, asset operators and developers around the world, especially when it comes to how the energy system is balanced," Manghani continued, "Market structures in general struggle to keep pace with this technology, during which more than half of energy storage deployments came online
in 2018.
" ”
Energy storage grew the most in 2018 due to the installation of 3.
3 GW/6 GWh of new capacity, up 140%
year-on-year.
Looking ahead, Wood Mackenzie expects the energy storage market to mature and grow at a compound annual growth rate (CAGR) of 38% with deployments of 63 GW / 158 GWh
.
Thanks to strong market reforms and national mandates, the U.
S.
and China unsurprisingly took the lead, accounting for 54%
of deployments by 2024.
"We expect renewable energy projects to become a popular trend in future energy development," said Rory McCarthy of Wood Mackenzie Power & Renewable Senior Research Analyst, "especially for solar storage projects, where the need for clean and dispatchable renewable energy is widely accepted
.
" ”
In terms of investment, the cumulative global energy storage market is expected to grow sixfold to $71 billion by 2024, with $14 billion
invested in 2024 alone.
The era of electrification will unfold
faster over the next 5 years.
With it, energy storage will become a necessary technology to increase system flexibility and achieve clean, rapid system balancing, while reducing risk
in an ever-increasing number of intermittent assets and portfolios.
According to a new report released this week by Wood Mackenzie Power & Renewables, the global energy storage market is expected to grow 13-fold over the next five years, with new energy storage reaching 146 gigawatt-hours (GWh)
by 2024.
"From 2013 to 2018, we saw fledgling market growth," explains Ravi Manghani, research director at Wood Mackenzie Power & Renewables, "Although the deployment of energy storage was approximately 7 GW/12 GWh over this period, the CAGR over this period was as high as 74%.
”
"Nevertheless, these developments have changed the thinking of regulators, policymakers, grid operators, asset operators and developers around the world, especially when it comes to how the energy system is balanced," Manghani continued, "Market structures in general struggle to keep pace with this technology, during which more than half of energy storage deployments came online
in 2018.
" ”
Energy storage grew the most in 2018 due to the installation of 3.
3 GW/6 GWh of new capacity, up 140%
year-on-year.
Looking ahead, Wood Mackenzie expects the energy storage market to mature and grow at a compound annual growth rate (CAGR) of 38% with deployments of 63 GW / 158 GWh
.
Thanks to strong market reforms and national mandates, the U.
S.
and China unsurprisingly took the lead, accounting for 54%
of deployments by 2024.
"We expect renewable energy projects to become a popular trend in future energy development," said Rory McCarthy of Wood Mackenzie Power & Renewable Senior Research Analyst, "especially for solar storage projects, where the need for clean and dispatchable renewable energy is widely accepted
.
" ”
In terms of investment, the cumulative global energy storage market is expected to grow sixfold to $71 billion by 2024, with $14 billion
invested in 2024 alone.
The era of electrification will unfold
faster over the next 5 years.
With it, energy storage will become a necessary technology to increase system flexibility and achieve clean, rapid system balancing, while reducing risk
in an ever-increasing number of intermittent assets and portfolios.
