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Global battery energy storage market to grow to $13.13bn

960 640 Stuart O'Brien

The global battery energy storage market will grow to $13.13bn by 2023, with Asia-Pacific (APAC) and EMEA the dominant markets.

The report from GlobalData reveals that a fall in technology prices and increasing pace of development in the power market are the primary driving factors for the growth.

APAC will continue to be the largest market reaching $6.05bn in 2023, as countries are increasing investments for improving their grid infrastructure and improving the market structure to attract foreign investments. With respect to technology, Lithium-ion is and will continue to be, the preferred technology for market deployment.

Bhavana Sri, Power Analyst forGlobalData, said: “The US has been the largest market for Battery Energy Storage System (BESS) both in terms of cumulative installed capacity and by market value for projects installed up to 2018 and is likely to continue to lead the market at the country level. The US market for battery energy storage is estimated to reach $2.96bn in 2023, accounting for 23% of the global market.”

Asia-Pacific was the largest market for battery energy storage systems and it accounted for 45% of the global market installed capacity in 2018 and the region is also expected to maintain its top position in the forecast period.

With the number of grid-connected renewable electricity generation plants increasing tremendously, countries such as China, India, Japan, South Korea, and the Philippines will focus on frequency regulation in the electric grid to normalise the variation in power generation from renewables.

The EMEA battery energy storage market registered a market value of approximately $1.73bn in 2018 and it accounted for 26% of the global market. The region has strong demand for flexibility, due to technological advancements, evolving market conditions, strong research facilities, and supportive policies. Middle East and Africa are small markets with demand for storage expected to increase once renewable power generation gains significant traction in the market.

The Americas battery energy storage market registered a market value of approximately $1.97bn in 2018 and it accounted for 28% in 2018. The battery energy storage market in the region is growing, with countries such as the US, Chile, Canada and Brazil promoting battery storage installations across consumer segments. Some US states have robust incentive programs, most notably California, which adopted an ambitious target for 1.3GW of energy storage by 2020, which it surpassed and a new target is awaiting approval.

Bhavana Sri concluded: “With countries aggressively promoting the modernisation of grids, and developing their capability to handle the demands of the present and future, batteries are being deployed to support smart grids, integrate renewables, create responsive electricity markets, provide ancillary services, and enhance both system resilience and energy self-sufficiency.“Market conditions are improving and more companies are moving into a decentralised generation, leading to an increase in the onsite deployment of renewables and batteries; as in with micro or mini girds. Supportive policies and high electricity charges are also nudging the market towards renewables and/or storage plus renewables at the end consumer level. As the power sector evolves to accommodate new technologies and adapt to varying market trends, energy storage will play a central role in the transition and transformation of the power sector.”

Northumbrian Water trials storage with Renault batteries

960 640 Stuart O'Brien

Second-life lithium batteries from Renault cars will be installed by Northumbrian Water through 2019 in a bid to trial energy storage systems by the company.

The trial is expected to take place at the company’s sites across the north-east of England and the counties of Essex and Suffolk.

The storage units will be used to manage energy loads and help reduce energy spend, particularly through the night, in addition to providing power through peak evening times.

The batteries will be commissioned by Autumn 2019 and will be a joint contract between Northumbrian Water and partners, including Argonaut Power, with the latter supplying the behind-the-meter storage systems and managing the operation.

Investor Ingenious is backing Argonaut Power, with strategic advisor Ikigai Capital proving a bankable structure for the pilot.

The battery systems will be provided by energy storage engineering company, Connected Energy.

Argonaut Managing Director and Ingenious Senior Investment Director Roberto Castiglioni said: “We are excited to enter into an exclusive partnership with Northumbrian Water to install and manage behind-the-meter storage at some of their critical sites.

“We believe we have created something unique and innovative through a combination of technical and financial engineering. As far as we know, we’re the only fully-funded solution offering 30-year storage installations to commercial and industrial customers under a revenue sharing agreement, boosting site profitability.”

Northumbrian Water Energy Development Manager Anthony Browne said: “Large-scale battery storage is going to be a major feature of the electricity industry going forward and this is a great opportunity for us to develop our understanding of these processes.

“We expect that having batteries on site can also help us obtain more value from any renewable energy we generate on our sites.”