Global energy storage market to surge to 15 GW by 2024

As the sector continues to grow rapidly, delays in manufacturing scale-ups, difficulties sourcing raw materials and a separate path taken by the electric vehicle sector could all chuck ‘sand in the gears’, according to analyst Wood Mackenzie.

February 27, 2020 Marija Maisch

Image: Fluence

From pv magazine International

Despite a slowdown in price declines, the global energy storage market is set to grow from around 4 GW of annual deployments last year to more than 15 GW in 2024, according to U.S.-owned market intelligence company Wood Mackenzie. As the market matures, the analyst predicts, the focus will shift from rapidly falling costs to a true recognition of the technology’s value in the global energy transition.

“The energy storage industry is in the enviable position of juggling growth game-changers from multiple directions,” said Daniel Finn-Foley, head of energy storage at WoodMac. “Plunging costs drove speculation in the first scaled markets but as price declines enter a steadier rate, further recognition of storage’s value – rather than cost – will be the key factor in determining growth.”

In the next decade, WoodMac expects to see the already consolidating web of energy storage manufacturers, developers, investors and integrators compete for their slice of the pie, carving out mature supply chains and propelling cost reductions. As they do, continued policy and regulatory efforts will be key to driving upside in the market.

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