Global energy storage demand to grow nearly 9 times over the next decade
Global demand for energy storage will continue to grow rapidly over the next 10 years, according to research released by Wood Mackenzie on May 9. Global demand is expected to double year-on-year in 2022, despite risks from the COVID-19 pandemic and headwinds from rising commodity costs. The strong growth momentum will continue over the next 10 years, when the market will grow by as much as nine times the current demand. More than 90% of total global energy storage demand is driven by 10 countries. Among them, energy storage demand in China and the United States is expected to account for 75% of the total demand. The U.S. market will grow sevenfold by 2031, far outpacing the rest of the Americas