The energy storage market has caught the eye of a number of stakeholders involved in the power industry, leading to its considerable growth and opening the way for next energy revolution, says GlobalData, a leading data and analytics company.
In its latest report, GlobalData has found that the energy storage market is nascent but fast-growing. The demand for energy storage system (ESS) devices in the power sector is increasing rapidly, particularly after the increase in the renewable energy integration into the grids. Intermittent power supply led to demand for the storage of electrical energy and supply during peak load periods.
ESS devices can help make renewable energy — whose power output cannot be controlled by grid operators — smooth and dispatchable.
“Battery energy storage system (BESS) is regarded as a crucial solution for overcoming the intermittency limitations of renewable energy sources,” said Sneha Susan Elias, Senior Analyst of Power at GlobalData. “The battery energy storage market reported cumulative deployment of 4.9 GW at the end of 2018 and is expected to reach 22.2 GW in 2023 — with the U.S. accounting for 24.7% of the global capacity.”
Elias added: “The deployment is expected to grow, due to a large number of countries opting for storage utilization to support their power sector transformation.”
With the global energy storage market becoming one of the rapidly growing segments within the renewable power mix, equipment manufacturers or technology providers of energy storage technologies are focused on innovating their energy storage solutions and offering advanced energy storage systems.
“Currently, lithium-ion batteries dominate the electrochemical energy storage market but other battery energy storage technologies such as sodium-sulfur, lead-acid, and flow batteries are now getting deployed,” said Elias.