Research firm Wood Mackenzie Power & Renewables has downgraded its forecasts for US demand for energy storage in 2022 and 2023 by around one-third, in its most recent global outlook report.
The global energy storage market is set to reach a cumulative deployment level of 500GW by 2031, of which 75% will be in the US and China, the firm said in the latest quarterly edition of its ‘Global energy storage market outlook update’.
A summary blog did not reveal its GWh forecast for 2031. BloombergNEF forecast back in November 2021 that by 2030 there would be a cumulative 358GW/1,028GWh of energy storage installations worldwide by 2030.
The US remains an energy storage market leader but disruption from trade actions has caused WoodMac to downgrade its forecasts for the coming two years. It has reduced its demand forecasts for the market by 34% for 2022 and by 27% for…