A new report from Navigant Research has identified 2,092 energy storage projects globally. The report tracks global energy storage developments, providing a database of projects sorted by country, region, market segment, capacity, status, technology vendor, systems integrator, applications, funding, investment and key milestones.
As global electricity grids embrace the new energy economy, energy storage is becoming a necessity in grid infrastructure. In recent years, the landscape for this technology has grown increasingly sophisticated, marked by new types of projects being monetized through innovative business models.
“Several new companies have entered the market across the energy storage value chain while legacy companies have sought to bolster their presence,” says Ricardo F. Rodriguez, research analyst at Navigant Research. “The growing need to modernize global electricity grids and the evolution of business cases for deploying storage are expected to ensure continued market growth.”
Several key factors continue to increase the global need for energy storage deployments, according to the report. The restructuring of electricity markets will enable valuation of the flexible benefits of energy storage deployments, while variable generation sources such as solar PV and wind that are connected to power grids will require increased load balancing against demand. Areas with unstable grids and frequent outages will benefit from distributed energy storage systems (DESSs) and microgrids with storage, and load profiles are expected to play a critical role in the structure and operation of the power grid, which will influence the development of energy storage markets.
Additional research has also pointed to the ongoing success of energy storage projects. The global energy storage systems market is estimated to grow at CAGR above 6% over the next several years, reaching $500 billion by 2025, according to a new report from Global Market Insights. Rising concerns over carbon emissions – carbon dioxide levels reached the highest monthly average ever registered in 2018, according to Hawaii’s Mauna Loa Atmospheric Baseline Observatory – are helping drive the adoption of sustainable energy.
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