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Global energy storage market to reach 158 GWh by 2024

11/04/2019
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The global energy storage market is set to experience tremendous growth, expanding 13-fold by 2024, according to new research from consultancy firm Wood Mackenzie Power & Renewables.
With the rise of renewable energy sources connected to grids, energy storage solutions are set to grow significantly to accommodate intermittent energy generation.
(With the rise of renewable energy sources connected to grids, energy storage solutions are set to grow significantly to accommodate intermittent energy generation).

The report, Global energy storage outlook 2019: 2018 year-in-review and outlook to 2024, sets out a picture in which major storage markets will thrive- with the US and China leading the way, making up a combined 54% of GWh deployed capacity by 2024. 

This anticipated growth is preceded by an impressive 2018 for the energy storage market, with the past year seeing 140% YoY growth in GWh terms- with a total of 3.3 GW/6GWh deployed globally.

“Half of this GW capacity was front-of-the-meter (FTM), 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”, says Le Xu, Wood Mackenzie Power & Renewables Senior Research Analyst.

FTM will remain the dominant storage segment through to 2024 according to the report. Over this period, storage is expected to move from short-duration systems providing high value power services that are limited size value pots, such as frequency regulation, into the realm of long-duration systems. At this point, FTM will displace diesel, oil and gas peakers, particularly in fuel import countries where conventional plant run costs are higher.
This graph demonstrates the upward trend of installed energy storage solutions to 2024
(This graph demonstrates the upward trend of installed energy storage solutions to 2024. Image via Wood Mackenzie).

If this scenario does indeed play out, it’ll put a further dent into overall global fossil fuel demand.

Commenting on this, and the research findings more broadly, Rory McCarthy of Wood Mackenzie, says:

“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. $14 billion of that total will be invested in 2024 alone”.

“The electrification epoch will unfold more rapidly over the next 5 years. With it, energy storage will become a necessary technology to enhance system flexibility and enable clean, rapid system balancing, while de-risking ever increasing intermittent assets and portfolios”.

In short, energy storage is set to become a key power grid asset…

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Global energy storage market to reach 158 GWh by 2024 - Time to read 3 min
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