The Informer

The global energy storage market is poised for a 13-fold surge in size by 2024, according to a new report.

Analysts at energy consultancy firm Wood Mackenzie believe installed capacity will rise from 12GWh at present to 158GWh by 2024.

They said the market had recorded compound annual growth of 74% between 2013 and 2018, with a record 140% in 2018.

Storage will become a “key power grid asset”, having “crept” into decarbonising markets over the past five years, the analysts added.

$71bn market

Rory McCarthy, Wood Mackenzie Power & Renewable Senior Research Analyst, said: “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."

“In investment terms, we estimate the cumulative global energy storage market – defined, in this context, as total system capital expenditure on electrochemical and electromechanical energy storage systems, excluding pumped hydro – to grow six-fold to a total of $71 billion by 2024.”

> Download the report