Source: Wood Mackenzie
Wood Mackenzie projected the markets to have 422GWh and 600GWh by 2031.
China and the United States are projected to account for 75% of the global demand for energy storage, Wood Mackenzie reported.
In its Global Energy Storage Outlook, Wood Mackenzie reported the two markets will lead demand which is expected to reach 422 gigawatt-hours (GWh) in China and 600GWh in the US by 2031. Europe, meanwhile, lags with only 159GWh.
The US remained the global leader, whilst China led the Asia-Pacific market, which Wood Mackenzie attributed to the Chinese government’s 14th five-year plan.
“This has mainly been driven by China’s Fourteenth Five-Year New Energy Storage Development Implementation Plan which reiterated the central importance of energy storage in its decarbonisation plans,” Dan SHreve, Global Head of Energy Storage at Wood Mackenzie, said.
According to the report, the plan seeks to enter the stage of large-scale development for energy storage by 2025. So far, 12 provinces and cities in China have announced 2025 cumulative energy storage deployment targets with a total of around 40GW.