Global energy storage market to grow 13 times to 158 Gigawatt hour by 2024
The global natural resources consultancy said in its report energy storage has been expanding into decarbonising markets over the past 5 years
New Delhi: The global energy storage market will expand 13-fold to 158 Gigawatt hour (GWh) by 2024 from 12 GWh currently, according to latest research from Wood Mackenzie Power & Renewables.
The global natural resources consultancy said in its report energy storage has been expanding into decarbonising markets over the past 5 years. Last year witnessed 140 per cent year-on-year growth in GWh terms – with a total of 3.3 GW/6 GWh deployed globally.
“Half of this GW capacity was front-of-the meter, driven by accessible ancillary service revenues in key markets. There was also a notable trend for solar-plus-storage projects providing semi-dispatchable renewable capacity,” WodMac said.
Between 2019 and 2024, major storage markets are expected to thrive – with a more mature, but still early stage, GWh CAGR of 38 per cent. Additionally, deployment numbers are expected to boom to 63GW/158GWh.
Source: wood mackinzie
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