Navigant Research forecasts that only 10 countries will account for 80% of the global market for utility-scale energy storage systems market.
The 10 countries are the US, France, Germany, the UK, Australia, China, India, Japan, South Korea, and Brazil.
The global market for utility-scale energy storage systems is expected to increase to 1,242.1MW of new capacity.
According to the research firm:
- The emergence of new markets and applications is driving the utility-scale energy storage market
- 2018 represented the largest year on record for new energy storage systems
- The market remains concentrated in a relatively small number of countries and driving the increase in adoption in these countries are favourable policies, market structures and regulations and renewable energy deployments
- Solar plus storage has emerged as a major opportunity and driver of new growth for the energy storage industry
- The shorter duration grid stability applications remain the foundation for many emerging markets
- Frequency regulation and related services are the starting point for most countries seeing a growing energy storage industry
- New projects are focusing on longer duration bulk storage services such as renewable energy shifting and transmission and distribution asset optimisation.
Alex Eller, a senior research analyst with Navigant, said: “In terms of applications for new utility-scale energy storage projects, solar plus storage has emerged as a major opportunity and driver of new growth.
“The rapidly falling costs for both technologies have made combined solar plus storage plants economically competitive against conventional fossil fuel plants in a growing number of markets, which allows a solar plant to be a predictable resource for grid operators.”
For more information about the report, visit: Country Forecasts for Utility-Scale Energy Storage