Lithium-ion batteries are the fastest-growing energy storage technology and are expected to reach more than 28GW in installations per annum by 2028.
2019 marked a transformational year for the global energy storage market, according to the report.
Regulatory policy, government incentives, deployment mandates, grid modernization programmes, and declining technology costs were key market drivers, which resulted in hundreds of energy storage projects in 2018 and 2019.
Lithium-ion batteries have maintained a prominent place in the transformation of the power grid.
However, commercial and industrial applications located behind-the-meter (BTM), utility-scale battery storage projects that replace gas peaker plants, and utility-scale storage projects co-located at large solar PV or wind generation facilities witnessed massive adoption.
“Although pumped hydro storage (PHS) still accounts for 96% of installed energy storage capacity worldwide, Li-ion is the choice technology among project developers and system integrators,” says Ricardo F. Rodriguez, research analyst with Navigant Research.
Click here for more information about the report.