China is set to become the single biggest energy storage market in the Asia Pacific region by 2024, according to new reporting by British data analysis and consultancy group Wood Mackenzie. The company’s July 9th report states in no uncertain terms that the country is poised to take over the energy storage market, as its “cumulative energy storage capacity is projected to skyrocket from 489 megawatts (MW) or 843 megawatt-hours (MWh) in 2017 to 12.5 gigawatts (GW) or 32.1GWh in 2024,” an impressive increase ”in the installed base of 25 times.” Wood Mackenzie credits the Chinese government’s assertive policy incentives in the energy storage arena as the primary reason for the sector’s rapid growth. Thanks to the country’s major push for storage deployments in the last year, deploying 580MW (1.14GWh) to reach a cumulative market size of 1.07GW (1.98GWh) in 2018, China has already secured its position as the […]