Energy Storage: China to Become Largest Market in Asia Pacific by 2024

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Wood Mackenzie: "Although China’s energy storage market is still in its infancy, we can expect to see continued strong growth driven by battery cost reduction, policy incentives and power market reform."

Official Press Release Wood Mackenzie:

China to become largest energy storage market in Asia Pacific by 2024

Wind Industry Profile of
China to become largest energy storage market in Asia Pacific by 2024

Cumulative energy storage capacity to hit 12.5GW

Wood Mackenzie expects China to become the largest energy storage market in Asia Pacific by 2024. China’s cumulative energy storage capacity is projected to skyrocket from 489 megawatts (MW) or 843 megawatt-hours (MWh) in 2017 to 12.5 gigawatts (GW) or 32.1GWh in 2024. This represents an increase in the installed base of 25 times.   Policy incentives have been the main drivers behind China’s rapid growth in storage deployments in 2018, already pushing China to become the second largest market behind South Korea in terms of annual deployment. The market deployed 580MW (1.14GWh), reaching a cumulative market size of 1.07GW (1.98GWh) last year. Front-of-the-meter (FTM) storage led growth, up... ... More: Official Press Release Wood Mackenzie

Wood Mackenzie, energy storage, battery, China, market, outlook, growth, Asia Pacific, capacity, South Korea

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