Energy storage on the rise as world bets on wind and solar

Chief Europe Correspondent
Source: Wood Mackenzie • Energy storage capacity excludes pumped hydro, but includes all other storage technology types, including long duration energy storage.

Energy storage is set to become one of the fastest growing markets in the global power industry over the next decade to support the continued steep rise of wind and solar, according to an analysis by consultancy Wood Mackenzie. 

Global storage capacity will grow more than 600% over current levels, reaching almost 1 terawatt (TW) by 2033, the analysis finds. The growth in storage is expected alongside a steep rise in solar and wind capacity in the coming years. 

Increased energy storage — in the form of batteries, long-duration energy storage technologies and more — helps compensate for the variability of wind and solar power. Solar panels and wind turbines only generate energy when the sun is shining and the wind is blowing; batteries and other storage technologies can save some of that energy for later.  

The world already more than doubled global energy storage deployment in 2023 compared to 2022, a record, Wood Mackenzie found. 

China remains the global leader of the energy storage market, complementing its booming solar market.