Global Storage Expected to Reach 500GW by 2031

Global Storage Expected to Reach 500GW by 2031

Aug 5,2022.

Wood Mackenzie, a U.K.-based data provider,released its Global Energy Storage Outlook recently.

According to the report, global cumulative energy storage deployments are expected to reach 500 GW by 2031 with the United States and China representing 75% of worldwide demand.

Wood Mackenzie said it sees the U.S. becoming a 27 GW per year market by 2031, and 83 percent of that figure will be utility-scale storage.

The EU energy storage sector is set to grow as a result of the European Commission's REPowerEU initiative, which drives a greater share of renewable energy supply in EU member states.

Especially Germany's energy storage business is expanding and is expected to surpass the U.S. and China to become the third largest energy storage market by 2030.

China released a five-year plan for energy storage this year that calls for a large-scale development supply chain by 2025, in which the country aims to reduce system costs by 30 percent through improved technology performance.

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