IHS Markit said it forecasts that energy storage will experience rapid growth in 2021, with installations reaching over 12 GW, an increase of over 7 GW from 2020.
It added that this will mark the start of a period of continued expansion, with annual global installations set to exceed 20 GW in 2024 and 30 GW by 2030.
The outlook is underpinned by a growing number of ambitious national energy storage targets linked to strengthened decarbonisation commitments from around the globe, the report said.
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