According to the latest report released by international market research institute IHS Markit, the annual compound growth rate of the global grid-connected energy storage market will reach 12% by 2025. It is estimated that in the year of 2019, 4.3 GW of grid-connected energy storage capacity will be added globally.
The report believes that the increase in energy storage demand in the utility-scale solar market, the growth of the Chinese market and the increase in demand for new residential energy storage are the main reasons for the stable and rapid development of the market.
In 2018, global grid-connected storage capacity has grown rapidly, although the main reason is the delay in some projects in 2017 and the strong growth of the Chinese market. In terms of scale, the United States, South Korea and the United Kingdom are the three major markets for grid storage in 2018.
IHS Markit predicts that the global storage capacity will increase by 10.6 GW by 2025. The energy storage system hardware revenue will increase to 8.4 billion US dollars by 2025. It is expected that China will achieve stronger growth, and infrastructure investment and regulatory reform will promote Demand in this market has grown.
In addition, Germany and Japan may also see higher growth rates, benefiting from strong demand for residential energy storage.