By 2024, the global energy storage scale will exceed 15GW

According to Wood Mackenzie, a US market consultancy, the global energy storage market will grow from about 4GW last year to more than
15GW in 2024, despite the slowdown in the rate of price decline.
Analysts predict that as the market matures, the focus will shift from rapidly falling costs to a true recognition
of the technology's value in the global energy transition.

Daniel Finn-Foley, head of energy storage at WoodMac, said: "The energy storage industry is in an enviable position, with crashing costs driving speculation in a scale-up market, but as prices fall to stable levels, further recognition of the value rather than cost of energy storage will be a key factor
in determining growth.
”

Over the next decade, WoodMac expects already integrated networks of energy storage manufacturers, developers, investors and integrators to compete with each other for their own market share, form mature supply chains and drive cost cutting
.
Continued policy and regulatory work will be key
to driving the market up.

As one of the main forces behind the energy transition, corporate giants such as Microsoft, Google and Facebook are taking a keen interest in energy storage, opening the way
for other companies seeking to offset emissions.
More than 100 companies in 23 countries signed 19.
5 GW of solar and wind purchase agreements
in 2019 as businesses are more eager than ever to make bold clean energy commitments, according to Bloomberg New Energy Finance.

Google last month announced a major solar-plus-storage deal with Nevada utility NV Energy in hopes of meeting its real-time energy demand from renewable sources rather than offsetting the electricity
it consumes.
German automaker Daimler announced a deal with Norwegian power company Statkraft to supply uninterrupted renewable electricity
to the auto giant's German factories.

According to WoodMac, such deals exemplify a new approach
to the company's clean energy transition.
Finn-Foley said: "If this trend is caught on in other big climate change companies, the potential is huge
.
”

Money & risk

French oil giant Total and German car company Opel announced a partnership this year in the manufacture of batteries for electric vehicles (EVs), potentially investing as much as $5.
5 billion to reach 47 GWh of production capacity
.
Finn-Foley said: "Total has already invested in fixed storage applications, and Opel clearly sees batteries as a key element
of the future.
”

However, renewable technologies
, including energy storage, cannot be achieved without investment.
WoodMac's Finn-Foley added: "Energy storage has become a potential focus on sustainability, with huge investments from billions of dollars of new renewable energy funds set to flow into the energy storage market
.
”

While the industry is booming, WoodMac noted delays in recent years due to safety hazards and said it was an inevitable problem
as the transition from pilot to large-scale transformation under uncertain market regulations.

The stationary energy storage market has the "advantages and complexity"
of supply chains that overlap with the electric vehicle and consumer electronics industries.
Finn-Foley believes that ensuring sufficient supply to meet growing demand is a huge challenge, with uncertainty even spreading
further along the supply chain.