Thanks to advanced battery energy storage systems, projects are being deployed in the shortest timelines in the history of the industry and it is reported that there are more than 1,700 projects in existence. Energy storage has moved into the mainstream, going for a complementary addition to renewable energy projects, to a "standalone solution that provides customers and system owners with valuable flexibility and profitability."
New research which tracks global energy storage projects has been released by Navigant Research.
The research tracks country and regional projects; market segments; capacity, technology vendors and system integrators; status, applications, funding, investment, and key milestones.
“The global energy storage industry is poised to continue to grow quickly over the next several years, especially in emerging economies,” says Ian McClenny, research analyst with Navigant Research.
“With emerging infrastructure becoming increasingly integrated, dynamic, and complex, flexible resources like storage will provide added value to existing and new power generating assets.”
The global research company anticipates that energy storage will increasingly become a practical option to costly grid and substation upgrades to meet changes in load. Additionally, improvements in storage technologies, regional regulatory and market drivers, and new business models are all expected to drive the market forward.
Energy storage globally
Global battery energy storage systems accounted for a market value of almost $3.30 billion in 2016 says research by ReportBuyer. The company further estimates the market will reach over US$14 Billion by 2021.
The top five countries in the global market include the US, Japan, South Korea, Germany, and China, account for almost 85% of the global installed capacity in 2016.
The US and Japan accounted for just over 30% and around 20% market share, respectively, in 2016, with the Asia-Pacific region holding almost 42% of the global market.
Japan held market share of over 50% in the Asia Pacific market, with newly built energy storage projects were largely used in transmission and distribution (T&D).
According to ReportBuyer, "The Japanese New Energy Promotion Council (NEPC) made available $2.57m to develop two large-scale grid-balancing battery energy demonstration projects to help the Kyushu Electric Power Co. and Tohoku Electric Power Co. install energy storage systems allowing more renewable energy in the grid (CENSA, 2017)."
Germany leads the EMEA market with approximately 58% of market value for projects installed up to 2016. Ancillary services and solar plus storage are the main opportunity segment in the country.
"Storage subsidies from the KfW Development Bank and the fall in feed-in tariff (FiT) rates will help boost the market for energy storage during and beyond the forecast period. The EU battery industry is shifting its focus toward decarbonization of the energy system. However, regulatory barriers should be removed to allow the energy storage market to grow."