battery storage Archives - Energy Management Summit | Forum Events Ltd

Energy Management Summit | Forum Events Ltd Energy Management Summit | Forum Events Ltd Energy Management Summit | Forum Events Ltd Energy Management Summit | Forum Events Ltd Energy Management Summit | Forum Events Ltd

Posts Tagged :

battery storage

APAC to lead global battery energy storage market

 960 640 Stuart O'Brien
By:

The Asia-Pacific (APAC) region is set to lead the global battery energy storage market, accounting for 68% of the global market value through 2026, with China, Japan, India, South Korea and Australia propelling the regional market.

That’s according to GlobalData’s latest report, ‘Battery Energy Storage Market Size, Share and Trends Analysis by Technology, Installed Capacity, Generation, Drivers, Constraints, Key Players and Forecast, 2021-2026’, which reveals that the global market for the battery energy storage is estimated to grow to $10.84bn in 2026, out of which APAC will account for $7.33bn.

Bhavana Sri Pullagura, Senior Power Analyst at GlobalData, said: “Fall in battery technology prices, increasing need for grid stability and resilience of the integration of renewable power in the power market are some major factors that contribute to the growth.”

China, one of the fastest-growing economies, is expected to lead the global battery energy storage market with $4.04bn in 2026. A mammoth target of 1,200 GW of wind and solar capacity will provide considerable growth opportunities to the energy storage market over the forecast period.

China, South Korea, the US, Germany, and the UK will be the major markets on the back of supportive regulations and incentives.

Pullagura added: “The rapid growth in demand for electricity and the wider use of renewable integration will keep the demand for battery energy storage market buoyant in other countries, leading to a significant growth in the market over the forecast period. Grid transformations, improving electrification rates, and electricity provisions for the rapidly growing population will create market opportunities.”

Over the last decade, various new digital and smart technologies have been integrated. Countries have been aggressively promoting the modernization of grids and enhancing the grids’ capability to meet the requirements of the present and future. Additionally, batteries are being deployed to aid smart grids, integrate renewables, create responsive electricity markets, provide ancillary services, and enhance both system resilience and energy self-sufficiency.

Pullagura concluded: “GlobalData believes that encouraging policies and high electricity charges are also nudging the market to 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 crucial role in the transition and transformation of the power sector.”

Global battery energy storage market to grow to $13.13bn

 960 640 Stuart O'Brien
By:

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.”