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

Chief Europe Correspondent

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<header><h1>Energy storage on the rise as world bets on wind and solar</h1><a href="" rel="author"></a><span class="title"></span><time rel="pubdate" datetime="2024-08-07T00:00:00-04:00">Aug 7</time></header><p><span data-contrast="none">Energy storage is set to become one of the fastest growing markets in the global power industry over the next decade </span><span data-contrast="none">to support </span><span data-contrast="none">the continued steep rise of wind and solar, according to an </span><a href="https://www.woodmac.com/press-releases/2024-press-releases/solar-and-wind-uptake-to-reach-5-twac-from-2024-to-2033/" target="_blank" rel="noopener"><span data-contrast="none">analysis</span></a><span data-contrast="none"> by consultancy Wood Mackenzie.</span><span data-ccp-props="{}"> </span></p><p><span data-contrast="none">Global storage capacity will grow more than </span><span data-contrast="none">600% over current levels</span><span data-contrast="none">, reaching almost 1 terawatt (TW) by 2033, the analysis finds. </span><span data-contrast="none">The growth in storage is expected alongside a</span><span data-contrast="none"> steep rise in solar and wind </span><span data-contrast="none">capacity</span><span data-contrast="none"> in the coming years.</span><span data-ccp-props="{}"> </span></p><p><span data-contrast="none">Increased energy storage — in the form of batteries, long-duration energy storage technologies and more —</span><span data-contrast="none"> helps</span><span data-contrast="none"> compensate for the variability of wind and solar power. </span><span data-contrast="none">Solar panels and wind turbines only generate energy when the sun is shining</span><span data-contrast="none"> and the wind is blowing; batteries and other storage technologies can save some of that energy for later. </span><span data-ccp-props="{}"> </span></p><p><span data-contrast="none">The world already more than doubled global energy storage deployment in 2023 compared to 2022, a record, Wood Mackenzie found.</span><span data-ccp-props="{}"> </span></p><p><span data-contrast="none">China remains the global leader of the energy storage market, complementing its booming solar market.</span></p>
Energy storage on the rise as world bets on wind and solar

by  - 

August 7, 2024


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.