The US market is the undisputed leader in the global energy storage market, followed by China. According to the California Independent System Operator (CAISO), the US is likely to hold its leadership position until at least 2022, with California itself accounting for more than 4.5GW of installed capacity.
Market analyst Wood Mackenzie forecasts global energy storage capacity to expand at a compound annual growth rate (CAGR) of 31%, reaching 741GWh of cumulative capacity by 2030 (see chart, below).
A number of factors will determine whether and how fast such growth is achieved, ranging from battery hardware costs to direct incentives, clean-energy targets, competitive markets and vertically integrated electricity providers seeing the potential value of energy storage, according to Wood Mackenzie.
Click here to read the full story in the February 2021 Energy cost analysis report