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APAC shifting towards renewable energy auctions

 960 640 Stuart O'Brien
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Asia Pacific (APAC) countries are adopting several strategies and roadmaps to achieve the renewable energy targets designated by their governments.

Countries such as India, Kazakhstan, Indonesia, Pakistan and Taiwan have implemented auctions to drive their renewable energy market, according to GlobalData. 

The company’s latest report ‘Asia Pacific Renewable Energy Policy Handbook 2019’ reveals that regulatory framework and policies of the APAC countries are aiming to achieve a strong growth in the renewable energy market.

Piyali Das, Power Analyst at GlobalData, said: “Auctions are the major mechanism in APAC driving the renewable energy sources in most of the key countries, with India being the most prominent in implementing auction plans to award 80 gigawatts (GW) of solar and 28 GW of wind projects between 2018 and 2020.”

Feed in tariffs (FiTs) play a role in enhancing the renewable energy market in APAC. In countries such as Australia and India, FiTs to renewable projects is a provincial or state subject.

Pakistan has been providing FiTs in renewable sources such as solar, wind and small hydro since 2015. Taiwan provides FiT for renewable systems and is subject to annual revision.

Piyali concluded: “The regulatory framework and policy structure, supporting renewable energy resources in various APAC countries, has led to significant development in the renewable energy market. China, India, Japan are some of the leading nations in renewable energy growth trajectories. In the wake of growing energy security and environmental concerns, most APAC countries are expected to strengthen their renewable energy mechanisms, which will help the Asia Pacific renewable energy industry to maintain growth in the coming years.”

Global battery energy storage market to grow to $13.13bn

 960 640 Stuart O'Brien
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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.”

Are you future-proofing your company’s energy needs?

 960 640 Guest Post
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Every business relies on energy for critical tasks – but with this dependence comes risk. As organisations seek to become more sustainable, it’s vital to plan not only for short-term energy needs, but also for long-term energy security. 

Increasingly, businesses that are digitalising processes are becoming ever more dependent on power to run them, making it critical to plan effectively to reduce risks and ensure energy resilience. 

Our new report, Future-Proofing Your Company’s Energy Needs, highlights rising awareness of resilience as an issue for organisations across the globe, and practical steps you can take to mitigate risk.

Click here to download the full report.

Building Energy Management Systems (BEMS) market to hit $8.7bn

 960 640 Stuart O'Brien
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The global BEMS market will reach $8,713.4 million by 2025, growing at a 12% CAGR, according to new research.

Data from ResearchandMarkets asserts that BEMS is a globally evolving market that is poised for double-digit growth for the next 7 years, primarily driven by the trend of high peak demand charges, customers’ commitment towards sustainability, energy efficiency regulations, state incentives for buildings to install energy management systems, the increasing energy efficiency contracts market, and increasing customer know-how about BEMS.

The research outfit says technologies that take the home and building technologies industry to the next phase of evolution – such as artificial intelligence, increasing Internet of Things (IoT)-enabled devices, data analytics, edge analytics, cloud solutions, and business model innovation – have also had a positive impact on the BEMS market.

In addition, new BEMS entrants and emerging participants will change the market dynamics by adopting cutting-edge technologies into their products and by adopting customer-centric business models.

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