Wood Mackenzie expects the energy storage market to reach 422GWh and 600GWh by 2031.
According to its report, China and the United States are expected to account for 75% of global energy storage demand.
In its Global Energy Storage Outlook report, Wood Mackenzie noted that by 2031, energy storage demand in China and the United States is expected to reach 422GWh and 600GWh, respectively. Meanwhile, Europe is only 159GWh.
The US remains the global leader, while China is the market leader in Asia Pacific, which Wood Mackenzie attributes to the Chinese government's 14th five-year plan.
According to the report, 2025 will enter the stage of large-scale development of energy storage. Up to now, 12 provinces and cities in China have announced cumulative energy storage deployment targets for 2025, with a total capacity of about 40GW.
