How much will energy storage capacity grow in 2024?

Energy storage capacity (excluding pumped hydro) will grow by more than 600%, Wood Mackenzie predicts, as nearly 1 TW of new capacity is expected to come online from 2024-2033.

What is Wood Mackenzie's global solar PV forecast?

Wood Mackenzie’s global solar PV forecast projects 4.7 terawatts direct current (TWdc) will be built between 2024 and 2033, with China accounting for 50% of that capacity growth.

Which countries are preparing for energy storage?

Wood Mackenzie said it expects the United States and China to represent 75% of global energy storage demand in a highly consolidated market. As renewable energy plays a growing role in the electricity grid, energy storage buildout is quickly following behind.

How many GW will Wood Mackenzie have in 2031?

Wood Mackenzie said it expects 500 GW in global deployment by 2031, with the United States and China representing 75% of worldwide demand. Wood Mackenzie said it sees the United States on a path to be a 27 GW annual market by 2031, and 83% of that figure will be utility-scale storage.

Which country has the most energy storage capacity in the world?

China remains the global leader in terms of energy storage deployment, due to its booming solar market, with an average of 42 GW/120 GWh annual capacity additions forecasted in the next 10 years. To continue reading, please visit our ESS News website. This content is protected by copyright and may not be reused.

Will energy storage grow 13-fold in 2024?

Last year saw global energy storage expand to record levels, with 147% year-on-year growth in gigawatt-hour (GWh) terms. This pales in comparison to what is to come. By 2024, we forecast that the market will expand 13-fold. What’s behind the boom?