1Q 2024

Energy Storage Forecast Database 1Q24

Distributed Energy Storage, Utility-Scale Energy Storage: Market Forecasts

Energy Storage Forecast Database

Energy storage systems (ESS) provide critical services to the grid including generation capacity, frequency regulation, and other ancillary services, making them essential enablers of the energy transition. As renewable sources are further integrated into the energy mix, new and innovative storage technologies will be required to manage the supply and demand imbalances associated with a renewables-powered grid. As a result, the storage market has witnessed significant advances in recent years as costs remain on a downward trajectory and new opportunities emerge across a multitude of industry sectors and applications.

Many technologies covered in this report have existed for decades and achieved significant market penetration. Lithium-ion, for example, has become the default technology for new storage projects globally. Other technologies like flow batteries, pumped hydro storage, and advanced lead-acid batteries are providing competition. The wide range of available technologies allows different systems to both compete and combine to provide increasingly important grid flexibility services. As the market matures and diversifies, and the demand for storage services grows, technological innovations will proliferate to expand this suite of services.

This Guidehouse Insights database projects global market capacity and revenue for ESS. Global market forecasts for power and energy capacity, as well as revenue, are segmented by region, application and technology and extend through 2033.

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Tables | Charts | Figures 13

Key Questions Addressed

How do ESS deployments vary by technology, location, and segment over the forecast?
How much will ESS capacity of each technology, country, and segment likely grow until 2033?

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