Renewable energy’s role in economic recovery driving 1TWh of energy storage demand by 2030

Excerpt from energy-storage.news

Total demand for energy storage between this year and 2030 could be close to 1TWh worldwide, according to analysis from Wood Mackenzie Power & Renewables.

The consultancy has issued the latest edition of its ‘Global energy storage outlook’ report today, predicting that the energy storage market this year will see 12GW / 28GWh of deployments, almost triple 2020 figures in GWh terms.

This echoes forecasting recently made by another research group, IHS Markit, which said global deployments will exceed 12GW in 2021. Like IHS Markit, Wood Mackenzie sees rapid growth in China coming soon, largely as a result of a 30GW by 2025 energy storage policy target announced in April.

Wood Mackenzie senior analyst Xu Le said that the target “has an outsized impact on the regional front-of-the-meter (FTM) market”.

Similarly, IHS Markit and Wood Mackenzie appear to be in agreement that 2021 will mark the time that an already quickly-growing sector matures to see an ongoing series of landmark years that smash deployment records the world over.