Despite a slowdown in price declines, the global energy storage market is set to grow from around 4 GW of annual deployments last year to more than 15 GW in 2024, according to U.S.-owned market intelligence company Wood Mackenzie. As the market matures, the analyst predicts, the focus will shift from rapidly falling costs to a true recognition of the technology’s value in the global energy transition, according to pv-magazine.com.

In the next decade, WoodMac expects to see the already consolidating web of energy storage manufacturers, developers, investors and integrators compete for their slice of the pie, carving out mature supply chains and propelling cost reductions. As they do, continued policy and regulatory efforts will be key to driving upside in the market.

As major forces behind the energy transition, corporate behemoths such as Microsoft, Google and Facebook are developing a keen interest in storage, blazing a trail for other companies seeking to offset emissions. With businesses more eager than ever to make bold clean energy promises, last year saw 19.5 GW of solar and wind power purchase agreements signed by more than 100 corporations in 23 countries, according to data from business intelligence firm Bloomberg New Energy Finance.