The global energy storage market will grow 13-fold by 2024

Wood Mackenzie predicts that energy storage will be a key technology in the utility system. According to new research from Wood Mackenzie Power & Renewables, the global energy storage market will grow 13-fold by 2024. Global Energy Storage 2019: The current structure of 2018 is expected to grow to 158 GWh by 2023, with the global storage market from 12 gigawatt-hours (GWh) to 2024 in the future. Energy storage will be a key technology in the power grid system, a necessary technology to increase the system's flexibility and ensure clean, fast system balancing, the report said. Ravi Manghani, director of research at Wood Mackenzie Power & Renewables, said in a statement that from 2013 to 2018, GWh saw growth in the market at a global growth rate of 75% per year. A relatively small distribution was observed, between 7 GW and 12 GWh. "However, these developments have changed the minds of global regulators, policymakers, grid operators, asset operators and developers in terms of how energy systems can be balanced," he said. "Market structures have generally struggled to keep up with the pace of this technology, as evidenced by the limited number of revenue streams to properly compensate for storage. More than half of GWh during this period went online in 2018 alone" In terms of investment, 2018 was a record year. The Energy and Renewables report saw 140% year-on-year growth on a GWh basis – with a total distribution of between 3.3 GW and 6GWh. In addition, between 2019 and 2024, major storage markets are expected to increase – with GWh CAGR at 38% more mature, but still an early stage". In addition, distribution numbers are expected to rise between 63GWh and 158GWh. "The U.S. and China are projected to dominate the market, which accounts for 54% of GWh utilization capacity, by 2024. This will be driven by market reforms and government officials." Said.