Asia-Pacific will overtake North America as the biggest utility-scale energy storage (UES) market by annual installed gigawatts (GW) by 2024-2025, according to a new report by Guidehouse Insights, one to two years later than in the firm’s previous forecasts.

Despite a subdued year in 2019 and a challenging start to 2020 caused by the COVID-19 outbreak, the outlook for energy storage remains strong, says Julian Jansen of market research group IHS Markit, taking a deep dive across segments and geographies.

This year has already seen “significant acceleration” of activity in the global grid-connected energy storage market, with 4.3GW expected to be deployed this year, analysis firm IHS Markit has said.

As much as 40% of grid-connected battery storage projects that have been announced worldwide propose co-location with solar PV, from a pipeline of more than 10GW, analysts at IHS Markit have said.

The world pipeline for energy storage on the utility side of the meter has doubled in the past year, reaching 3.4GW, according to new research by I.H.S.