Global energy storage market takes off

 Wood Mackenzie Ltd. 

2018 was a record-breaking year for energy storage. The market looks set to flourish as the energy transition accelerates. 

Last year saw global energy storage expand to record levels, with 147% year-on-year growth in gigawatt-hour (GWh) terms. This pales in comparison to what is to come. By 2024, we forecast that the market will expand 13-fold. 

Battery cell production to skyrocket, driven by electric vehicles 

Rising demand for electric vehicles (EVs) has driven new developments in energy storage technology. In 2018, demand for nickel-manganese-cobalt (NMC) batteries, used in both EVs and energy storage, outstripped supply.

Demand for EV batteries is set to skyrocket over the next 10 years, with global planned capacity expansions expected to grow by more than 200% by 2026.

For more information, read the editorial or download the report brochure.