There are 2,092 new energy storage projects identified globally by Navigant Research.
Factors driving market growth include:
- The growing need to modernize global electricity grids
- The evolution of business cases for deploying energy storage
- Restructuring of electricity markets is enabling the valuation of the flexible benefits of energy storage deployments
- An increase in the deployment of variable generation sources such as solar PV and wind
- The need to address unstable grids and frequent outages
Ricardo F Rodriguez, a research analyst with Navigant, said: “Several new companies have entered the market across the energy storage value chain while legacy companies have sought to bolster their presence.
“The growing need to modernize global electricity grids and the evolution of business cases for deploying storage are expected to ensure continued market growth.”
For more information about the report, visit Energy Storage Tracker 2Q19,