my country's energy storage scale is expected to reach 12.5GW in 2024

WoodMackenzie, an international market research organization, said in a new report that my country's energy storage market is expected to become the largest energy storage market in the Asia-Pacific region by 2024, with an output of 12.5 GW. my country’s cumulative energy storage deployment is expected to jump from 489 MW/843 MWh in 2017 to 12.5 GW/32.1 GWh in 2024. Last year alone, it added 580 MW/1.14 GWh of capacity, making it the second largest energy storage country after South Korea (on an annual basis). WoodMackenzie senior analyst said that although my country's energy storage market is still in its infancy, we expect lower battery costs, policy incentives and power market reforms and other factors will promote continued strong growth. It is estimated that by 2024, the cumulative capital expenditure of the global energy storage industry will reach 71 billion U.S. dollars (63.3 billion euros), and my country will bear more than 10 billion U.S. dollars in capital expenditures, accounting for about 14%. In 2018, an important driving force for the growth of my country's energy storage industry is policy incentives. The State Grid Corporation of my country is the leader in this market, with 83% share and 452 MWh of installed capacity. At the same time, in the commercial and industrial (CI) category, a new capacity of 513 MWh was added, which is 2.8 times more than in 2017. According to the report, approximately 60% of the storage capacity installed in 2018 for the supply of ancillary services was independently deployed, while 14% were associated with coal-fired power plants and 19% were associated with renewable energy facilities.