Global energy storage fleet to surpass 1 TW/3 TWh by 2033

According to the latest forecast from Wood Mackenzie, the global energy storage market (excluding pumped hydro) is on track to reach 159 GW/358 GWh by the of 2024 and grow by more than 600% by 2033, with nearly 1 TW of new capacity expected to come online.

July 9, 2024 Marija Maisch

Image: Wood Mackenzie

From pv magazine ESS News site

The global energy storage fleet continues to grow in leaps and bounds on the back of the growing demand for clean firm capacity and rapidly falling battery storage prices. However, analysts suggest that the industry is only in the starting blocks, with exponential growth to be expected in the years to come.

According to the latest forecasts from research and consulting firm Wood Mackenzie, the global energy storage market (excluding pumped hydro) is on track to reach 159 GW/358 GWh by the end of 2024.

Looking ahead, 926 GW/2,789 GWh will be added between 2024 and 2033, marking a 636% increase, Wood Mackenzie’s Q2 global energy storage market outlook update finds. This makes energy storage one of the fastest-growing markets in the power industry as renewable integration challenges rise.

“Global energy storage deployment in 2023 achieved record-breaking growth of 162% compared to 2022, installing 45 GW/100 GWh. While impressive, the growth represents just the start for a multi-TW market as policy support in terms of tax exemption and capacity and hybrid auctions accelerate storage buildout across all regions,” said Anna Darmani, principal analyst, energy storage at Wood Mackenzie.

China remains the global leader in terms of energy storage deployment, due to its booming solar market, with an average of 42 GW/120 GWh annual capacity additions forecasted in the next 10 years.

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