‘Inflection point’: Global energy storage market set to expand 13-fold by 2024

The global energy storage market is poised to expand 13-fold by 2024, according to the latest analysis from energy consultancy Wood Mackenzie Power & Renewables, which predicts the sector is well positioned to build on recent rapid growth.

The period 2013 to 2018 saw significant market growth, reflected in a global GWh compound annual growth rate (CAGR) of 74 per cent, according to the Global energy storage outlook 2019: 2018 year-in-review and outlook to 2024 report.

But 2018 marked a sharp upturn for an already rapidly expanding market, with 140 per cent year-on-year growth in GWh terms, resulting in a total of 3.3GW/6GWh being deployed globally.

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