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C&I storage the ‘sleeping giant waking up’, says WoodMac

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C&I storage the ‘sleeping giant waking up’, says WoodMac

The global energy storage market is entering a new phase of scale and complexity, according to Wood Mackenzie’s latest outlook. Cumulative capacity is forecast to grow to more than 7 TWh by 2035. Demand growth in 2026 alone is close to 30%.

But growth at that rate and capacity is no longer the most interesting part of the story. The composition is.

Global energy storage outlook by segment (% of total MWh installed in 2026)

While China and the United States (US) are still the two biggest global energy storage markets, in 2026, for the first time, Europe’s annual installation overtook annual US energy storage capacity and took second place after China.

In the utility segment, government-led tenders remain the main market drivers, having globally cleared over 80 GW (de-rated) capacity, with India the single largest contributor. Poland has become the global number-one emerging market, on the back of capacity-market auctions and a grid short of flexibility.

In mature utility markets, the demand signals behind the forecast are also firm. Contracted offtake for storage has passed 130 GW, with utility power purchase agreements and tolling deals together accounting for more than three-quarters of all contracts signed, according to our global offtake tracker.

In the residential landscape, the centre of gravity has shifted south: Australia has overtaken Germany as the world’s leading residential energy storage market, with more than half a million installations under its Cheaper Home Batteries subsidy, while the US market contracts this year as tax credits become less available.


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