Promising future for global energy storage, one of the fastest-growing markets in recent years. According to an article by Wood Mackenzie, up to 500 GW of storage will be achieved by 2031, with 75% of demand controlled by the United States and China.

Currently, the country led by Joe Biden dominates this sector, with an annual market outlook of 27 GW by 2031. However, a drop in demand is expected over the next two years due to interruptions in the network scale and tariff-arbitrage distributed segments.

On the other hand, China, preponderant in the Asia-Pacific region, continues to work on its latest energy development plan. This proposes a better technological performance that will allow entry into a large-scale development stage by 2025.

As for Europe, it is expected to quintuple its storage by 2031. Despite the boost of 12 GWh from the REPowerEU program of the European Commission, the situation of medium-term economic policies will ultimately decide the future of a continent that remains far from the major energy powers.

You can check the report here.