Global energy storage deployment numbers are set to expand to 63GW by 2024, according to a recent report by Wood Mackenzie Power & Renewables. Published on Tuesday 9 April, it said that major storage markets are expected to thrive from 2019, following a period of fledgling growth from 2013 to 2018 which “shifted the minds of global regulators, policy makers, grid operators, asset operators and developers, in terms of how energy systems can be balanced”. The analysts also calculated that, between 2019 and 2024, there would be a 13-fold increase in terms of GWh. Front-of-the-meter (FTM) is expected to retain its position as the largest storage segment. The report also highlighted that growth is expected in markets where subsidies are being curtailed, such as solar, where “consumers are willing to pay a premium to increase their use of rooftop solar power and, in the process, mitigate the risk of electricity bill increases.”

Wood Mackenzie Power & Renewables