From 2019 to 2022, China is expected to become the second largest energy storage market in the world

Currently, the United States, Australia and Germany are the world's top three energy storage markets, but China is expected to quickly enter the top three and occupy the second place between 2019 and 2022, while the United States remains the undisputed number one leader
.

From 2019 to 2022, China is expected to become the second largest energy storage market in the world

According to GTM Research's first global energy storage report, the global energy storage market will reach 21.
6 GWh
by 2022.

"Several markets will see continued improvement of policies and market mechanisms to encourage energy storage in several major areas, such as renewable energy integration, PPA structures based on the current situation, competitive market redesign, retail rate reform, microgrids in urban and remote areas, and allocation of resources
for grid services and virtual power plants.
" All of this jumped to 2.
3 GWh
in 2017, GTM explained.

Ravi Manghani, lead author of the report and head of energy storage at GTM, explains that innovative market design is critical
to the success of energy storage.
The United States is leading the way in developing the
right policies and market mechanisms to signal the right business model to the industry.

In 2017, Australia generated 246 MWh of electricity, becoming a leader in energy storage, including 100 MWh of capacity built by Tesla at the Hornsdale wind farm
.
At the same time, the United States reached 431 MWh for the first time in terms of energy capacity and will remain a market leader
through 2022.

According to GTM Research, China and Japan will soon overtake Australia and Germany as the second and third largest markets
globally.
However, by 2022, the cumulative power and energy capacity of the United States will still be twice that of China
.

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