Nearly 12,000MWh of energy storage could be installed in the US during 2021 and the market will continue growing significantly over the next few years, according to research and analysis group Wood Mackenzie Power & Renewables.
The Americas region is on track to leapfrog Asia-Pacific in terms of deployed energy storage by 2025, before accounting for more than half of global capacity by the end of the decade, new analysis from Wood Mackenzie suggests.
BloombergNEF has predicted an exponential multiplying of non-pumped hydro energy storage installations around the world, culminating in nearly 3,000GWh of deployments by 2040.
Analysis claims decarbonisation will require overall costs of US$4.5trn, US$2.5trn of it storage-related, as well as longer timeframes and leniency with natural gas and nuclear.
Energy storage enjoyed another record-breaking year of deployments in the US in 2018, while the residential segment is now “moving beyond early adopters” and into commercial viability, a report from Wood Mackenzie Power & Renewables claims.