Guidehouse Insights says that the annual power capacity deployments of battery-based residential energy storage systems (RESS) are expected to grow at a CAGR of 21.3% from 2021 to 2030 globally.
Industry-watchers will closely follow how the recently completed acquisition of energy storage system integrator NEC ES by LG Energy Solution pans out.
Utility-scale battery energy storage system (BESS) installations in the US grew 196% to 2.6GW in 2021 but overall clean power installations fell 3%, according to the latest annual figures from the trade body American Clean Power Association (ACP).
Asia-Pacific will overtake North America as the biggest utility-scale energy storage (UES) market by annual installed gigawatts (GW) by 2024-2025, according to a new report by Guidehouse Insights, one to two years later than in the firm’s previous forecasts.
The 2020s are “the energy storage decade,” and the world will surpass a terawatt-hour of installations by the time they are over, according to predictions made by analysts at BloombergNEF.
The US is likely to install record setting amounts of battery storage this year, demonstrating the acceptance the technology has found in the power sector and as an integral part of the clean energy transition.
The pipeline for utility-scale battery storage in the UK has been continually increasing and is now over 20GW across more than 800 projects. A recent surge in submitted applications for battery storage has led to a record breaking quarterly submitted capacity for Q2’21.
Ireland’s first grid-scale battery system was commissioned at the beginning of 2020 but was followed just a few months later by another one 10 times larger. The opportunities for further development in the country appear huge, with a grid operator willing to recognise the role energy storage can play in balancing the network.
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.
China deployed 533.3MW of new electrochemical energy storage projects in the first three quarters of 2020, an increase of 157% on the same period in 2019.
