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Over the next eight to nine years, energy storage capacity in developing countries is expected to skyrocket from 2 gigawatts (GW) today to more than 80GW, according to a new report by the World Bank Group.
The report, "Energy Storage Trends and Opportunities in Emerging Markets," indicates the annual growth in energy storage capacity will exceed 40% each year over the next decade.
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The study, commissioned by the International Finance Corporation (IFC) and the World Bank-administered Energy Sector Management Assistance Program (ESMAP), indicated the largest energy storage markets are expected to be China and India.
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