For many years now, Spain has been one of the leading European markets for solar PV but has yet to meet the same outcome for energy storage. Sungrow has high expectations for this to happen in the coming years.
There is a four-fold difference between how much energy storage the US Department of Energy (DOE) forecasted would be deployed by 2040 before the Inflation Reduction Act (IRA), and how much it now forecasts.
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Total demand for energy storage between this year and 2030 could be close to 1TWh worldwide, according to analysis from Wood Mackenzie Power & Renewables.
Research firm IHS Markit has said that 2021 marks the start of a continued period of rapid growth for the global energy storage industry, forecasting more than 12GW installations in total this year.
Europe’s cumulative electrochemical energy storage installation capacity has gone past the 5GWh mark and this year is likely to see installations almost double from 2020’s figures.
System integrators – companies that create large-scale and commercial and industrial battery energy storage system (BESS) solutions to order – have driven the market’s rapid growth so far but face a diversifying landscape marked by competition and consolidation in the years ahead.
When lithium-ion’s dominance of the energy storage market begins to wane, redox flow batteries are well positioned as a strong competitor, emerging technology market research and business intelligence group IDTechEx has said.
