The Americas region is projected to take the lion’s share of the global energy storage market by overtaking the Asia Pacific region by 2025, according to research firm Wood Mackenzie.
Led by the US, which tripled its capacity in 2020 (accounting for 38% of 2020 total installations), the Americas region is expected to deploy up to 371GWh of energy storage capacity by 2030. The region led the global energy storage market in 2020 by deploying 13GWh, owing to an increasing number of pilot projects deployed, government subsidies and grid interconnection requirements over the past decade. Without strong policy support, it will be difficult to scale up the front-of-the-meter (FTM) segment across the region, according to Wood Mackenzie. Next to the US, China is expected to be the world’s largest energy storage market by deploying 150 GWh, while Japan will sit third (25 GWh) by the end of the decade.
Le Xu, Wood Mackenzie senior research analyst, adds: “China, Japan and South Korea have set climate-neutrality targets, underscoring their commitment to the energy transition. While in […]
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