Energy storage will increase 40-fold in developing countries

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.

Navigant Research

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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