Grid-connected energy storage deployments have enjoyed a compound annual growth rate (CAGR) of 74% worldwide in the years 2013 to 2018, with a “boom” in deployment figures expected over the next five years, analysis firm Wood Mackenzie has said.
The five years up to 2018 saw energy storage “creeping into decarbonising markets”. Despite rapid growth in some territories which lead to that high rate of annual growth in deployments, the total deployment worldwide in that period was “relatively small”, Wood Mackenzie analyst Ravi Manghani said, representing 7GW / 12GWh.
Last year saw a real burst of activity, with 140% deployment increase year-on-year from 2017, meaning that 6GWh was installed in 2018 alone. With the US and China set to dominate with over 54% of the market by 2024 shared between them, Wood Mackenzie now predicts that while CAGR will slow to 38%, by 2024, global deployments will reach 63GW / 158GWh.
The analysis firm was this time last year known as GTM Research and has now been rebranded into the fold of its new owners as Wood Mackenzie Power and Renewables. In April 2018, Energy-Storage.news reported the firm’s team as forecasting an annual global market of 21.6GWh by 2022, so the latest forecast appears to raise that trajectory a little bit each year into the future.
Both FTM and BTM markets rapidly shifting to embrace more applications
The report claims front-of-meter (FTM) energy storage will likely be the biggest segment of the global market. This is despite the growth of residential and commercial and industrial (C&I) segments in more mature markets such as the US. For instance, Wood Mackenzie found in a recent US report that residential deployments quadrupled in 2018.
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