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The international power storage fleet continues to develop in leaps and bounds on the again of rising demand for clear sustainable capability and quickly falling battery storage costs. However, analysts recommend that the business is just within the beginning blocks, with exponential progress anticipated within the coming years.
According to the most recent forecasts from the analysis and consulting firm Wood Mackenzie, the worldwide power storage market (excluding pumped hydro) is on observe to achieve 159 GW / 358 GWh by the tip of 2024.
Looking forward, 926 GW/2,789 GWh will likely be added between 2024 and 2033, marking a 636% improve, Wood Mackenzie’s Q2 international power storage market outlook replace discovered. This makes power storage one of many quickest rising markets within the energy business because the challenges of integrating renewables improve.
“The international power storage in 2023 achieved a record-breaking progress of 162% in comparison with 2022, putting in 45 GW / 100 GWh. While spectacular, the expansion represents solely the start for a multi-TW market as coverage help when it comes to tax exemption and capability and hybrid auctions that facilitate the development of storage in all areas,” mentioned Anna Darmani, principal analyst, power storage of Wood Mackenzie.
China stays the world chief when it comes to power storage deployment, as a result of rising photo voltaic market, with a median of 42 GW / 120 GWh annual capability additions predicted within the subsequent 10 years.
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