WoodMac: Global Energy Storage Installations to Hit 15GW by 2024

By [email protected] The global energy storage market quadrupled last year to 4 gigawatts of new installations and will surge to a 15-gigawatt annual market in 2024, even as system price declines slow down, according to Wood Mackenzie.

The energy storage industry begins the new decade in the midst of a rapid transformation from a niche market to one at the center of the global energy transition. Most grid-scale projects built over the past decade were limited to shorter-duration applications, such as ancillary services for the grid, the “lowest-hanging fruit of the storage tree,” a new WoodMac research note says.

But the market has seen

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