The global energy storage market is poised to expand 13-fold by 2024, according to the latest analysis from energy consultancy Wood Mackenzie Power & Renewables, which predicts the sector is well positioned to build on recent rapid growth.
The period 2013 to 2018 saw significant market growth, reflected in a global GWh compound annual growth rate (CAGR) of 74 per cent, according to the Global energy storage outlook 2019: 2018 year-in-review and outlook to 2024 report.
But 2018 marked a sharp upturn for an already rapidly expanding market, with 140 per cent year-on-year growth in GWh terms, resulting in a total of 3.3GW/6GWh being deployed globally.
“More than half of the GWh during this period came online in 2018 alone, beckoning an inflection in storage demand,” said Ravi Manghani, Wood Mackenzie Power & Renewables Research Director. “There was a notable trend for solar-plus-storage projects providing semi-dispatchable renewable capacity.”
The report predicts this trend will continue. Between 2019 and 2024, major storage markets are projected to thrive, experiencing a GWh CAGR of 38 per cent and deployment numbers of 63GW/158GWh. The US and China are expected to dominate the market, making up 54 per cent of GWh deployed capacity by 2024.
“The electrification epoch will unfold more rapidly over the next five years,” said Rory McCarthy, Wood Mackenzie Power & Renewable Senior Research Analyst. “We expect renewables-plus projects to become a popular trend through 2024. This is especially true for solar-plus-storage projects, as the requirement for clean and dispatchable renewables is widely accepted.
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