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Global Utility-scale Grid-connected Battery Energy Storage Systems Market : High Growth in Utility-scale Grid-connected Solutions
The battery energy storage system (BESS) market is poised to enter a period of dynamic growth on a global level. In the markets for utility-scale grid-connected solutions, commercialisation will begin to accelerate after 2017 with the subsequent years bringing huge opportunities for companies that have the technological capabilities to compete.
Rapid growth in variable renewable energy generation and new regulatory policies governing performance criteria for their interconnection with the grid are driving the demand for grid-modernisation, with BESS being a key enabler of growth due to its flexibility and versatility. The period of study is 2014 to 2024.
Rapid growth in variable renewable energy generation globally, particularly wind and Photovoltaics (PV), and new regulatory policies governing performance criteria for their interconnection with the grid are driving the demand for grid-modernisation through rapid response storage technologies such as Battery Energy Storage Systems (BESS)
-Battery storage has the ability to provide flexibility to the grid across a variety of end-use applications, however, current core drivers to the adoption of the technology is its ability to provide distributed, variable renewable energy firming and energy time-shift, along with rapid short-term electricity balancing for ancillary markets.
- Due to the rapid development of associated battery markets for Electric Vehicles (EVs), Hybrid Electric Vehicles (HEVs), consumer electronics, and wearable products (e.g. mobile phones) and the resulting substantial growth in technological development, manufacturing capacity, and cost reductions, battery technology is currently one of the most promising distributed storage options for future commercialisation.
- The market is in its very early stages of development, and there are still significant challenges that need to be overcome for the technology to grow.
- Significant strides have been made in technological advancements, along with substantial growth in manufacturing in response to associated demand markets, resulting in price reductions and growing policy support in core markets
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