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Wood Mackenzie projects massive growth in energy storage installations through 2024

first_img FacebookTwitterLinkedInEmailPrint分享Greentech Media:For the energy storage industry, the past five years have been something of a stage rehearsal for a market explosion to come, led by the U.S. and China, but expanding to cover markets across the globe.That’s the picture painted by Wood Mackenzie Power & Renewable’s latest report, Global Energy Storage Outlook 2019: 2018 Year in Review and Outlook to 2024. Tuesday’s report projects that energy storage deployments will grow thirteenfold over the next six years, from a 12 gigawatt-hour market in 2018 to a 158 gigawatt-hour market in 2024.That equates to $71 billion in investment into storage systems excluding pumped hydro, with $14 billion of that coming in 2024 alone. This growth will be concentrated in the United States and China, which will account for 54 percent of global deployments by 2024, followed by Japan, Australia and South Korea in a second tier of growth markets, and Germany, Canada, India and the U.K. rounding out the list.And much like the renewables that are driving their growth, the batteries that make up the lion’s share of new storage systems being deployed are falling in price. That’s positioning them for a much broader integration into grid operations beyond renewables integration, Ravi Manghani, WoodMac’s head of storage research, noted in a Tuesday interview: “Over the last five years, the world began to experiment with storage; in the next five, storage will become a key grid asset.”Last year saw global energy storage deployments grow 147 percent year-over-year to reach 3.3 gigawatts, or 6 gigawatt-hours, the report states. That’s nearly double the average 74 percent compound annual growth rate for the industry from 2013 to 2018. In fact, last year’s deployments made up more than half of the total amount of storage deployed in the past five years, “indicating an inflection in storage demand,” Manghani said.More: Global energy storage to hit 158 gigawatt-hours by 2024, led by U.S. and China Wood Mackenzie projects massive growth in energy storage installations through 2024last_img read more