Global Energy Storage Market Set to Exceed 1 TW
- Global energy storage market set to skyrocket, with 600% growth by 2033. China leads the charge with record-breaking installations in 2023. The future is bright for clean energy storage.
The global energy storage market, excluding pumped hydro, is projected to reach 159 GW/358 GWh by the end of 2024 and is expected to grow by over 600% by 2033, with nearly 1 TW of new capacity coming online. This growth is driven by the increasing demand for clean firm capacity and decreasing battery storage prices. Wood Mackenzie's forecast indicates that the industry is just getting started, with exponential growth anticipated in the coming years.
China is leading the way in energy storage deployment, with an average of 42 GW/120 GWh of annual capacity additions expected in the next decade. The global energy storage market saw record-breaking growth in 2023, with a 162% increase compared to 2022, installing 45 GW/100 GWh. This growth is expected to continue as policy support and renewable integration challenges drive the market forward.
What is driving the exponential growth of the global energy storage market?
- Increasing demand for clean firm capacity
- Decreasing battery storage prices
- Policy support for renewable integration
- Record-breaking growth in 2023
- China leading the way in energy storage deployment
- Anticipated exponential growth in the coming years
- Global energy storage market projected to reach 159 GW/358 GWh by 2024
- Nearly 1 TW of new capacity expected by 2033
