Grid-connected energy storage deployments have enjoyed a compound annual growth rate (CAGR) of 74% worldwide in the years 2013 to 2018, with a “boom” in deployment figures expected over the next five years, analysis firm Wood Mackenzie has said.

Energy storage is likely to be worth “tens of billion dollars in the next five to 10 years” across a number of global regions, according to executives at solar microinverter firm Enphase.