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Wood Mackenzie: Global energy storage capacity to grow at CAGR of 31% to 2030

Large  Small Date:2020-10-14  From:Wood Mackenzie
Note: Global energy storage outlook: H2 2020 Report published by Wood Mackenzie states that global energy storage capacity could grow at a CAGR of 31%, reaching 741 Gwh of cumulative capacity by 2030.
Global energy storage outlook: H2 2020 Report published by Wood Mackenzie states that global energy storage capacity could grow at a CAGR of 31%, reaching 741 Gwh of cumulative capacity by 2030.

Coronavirus slashes 17% off global deployments this year. However, Wood Mackenzie estimates that the growth will accelerate in the late 2020s due to increased variable renewable penetration and power market transition. One potential opportunity is that some governments are looking to recover their economies more sustainably after the pandemic and might accelerate the power market transition.  The US is forecasted to occupy 49% of global cumulative capacity by 2030, while Chine is expected to account for 21%. Ancillary service market and firming renewables capacity to reduce curtailments would be the most critical drivers of China's deployment growth.

The future of storage will require safe, low-cost batteries, with battery manufacturing splitting between stationary and EV batteries due to differing needs cases. LFP (lithium iron phosphate) is poised to overtake NMC (nickel manganese cobalt) as the dominant stationary storage chemistry within the decade, growing from 10% of the market in 2015 to more than 30% in 2030.

 
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