Energy storage to ‘hit 15GW by 2024’

Published onFebruary 27, 2020

The global energy storage market will grow to 15GW in 2024 from 4GW last year, according to research by Wood Mackenzie. Storage costs have fallen, direct incentives and clean energy targets are proliferating and competitive markets and vertically-integrated electricity providers are beginning to recognise the potential of energy storage, the analyst said. Continued policy and regulatory efforts will be key to driving upside in the market, it added. “The end of the decade will benefit from stabilising supply chains and mature and experienced players, however there will be even more potential for disruption from new technologies and policies,” Wood Mackenzie said.