Demand Growth of Global Energy Storage Market: Analysis and Application Forecast Till 2019

Bharat Book Bureau Provides the Trending Market Research Report on “Energy Storage Market Outlook 2019”under Energy Category. The report provides information on industry overview, market size, latest developments, industry trends, Key Manufacturers, global presence, device to communicate and their future prospects.

Electricity storage Market will play a crucial role in enabling the next phase of the energy transition, enabling an effective integration of renewable energy. Unlocking the benefits of local generation and a clean, resilient energy supply along with boosting solar and wind power generation, storage will also allow sharp de-carbonisation in key segments of the energy market.

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All these developments in renewable electricity market has brought a sharp relief the significant potential, and the crucial importance, of electricity storage to facilitate deep de-carbonisation. Storage based on rapidly improving batteries and other technologies will permit greater system flexibility a key asset as the share of variable renewable electricity (VRE) increases. Electricity storage capacity can reduce constraints on the transmission network and can defer the need for major infrastructure investment. Behind-the-meter applications allow consumers to manage their bills, reducing peak demand charges and increasing “self-consumption” from rooftop PV panels.

With the very high shares of wind and solar PV power expected beyond 2030 (e.g. 70-80% in some cases), the need for long-term energy storage becomes crucial to smooth supply fluctuations over days, weeks or months. Along with high system flexibility, this calls for storage technologies with low energy costs and discharge rates, like pumped hydro systems, or new innovations to store electricity economically over longer periods.

Development of advanced energy storage systems (ESS) has been highly concentrated in select markets, primarily in regions with highly developed economies. Annual energy storage deployments across globe has doubled from 2017 to 2018 and is expected them to nearly double again in 2019. Government support in economies like Korea has created a booming domestic market, but one in danger of being undermined by fire incidents in the country. Elsewhere, China, South East Asia and South Africa have emerged as fascinating markets to watch in 2019 as growth picks up.

To help balance new wind and solar capacity, we expect to see more near-term, meaningful policy support for storage. The global energy storage market will grow to a cumulative 950GW/2,253GWh by 2030, attracting $730 billion in investment over this period. In a small but important step along the way, annual global energy storage deployments in 2020 will exceed 15GWh. Lithium producers will raise more than $1.5 billion on the public markets in 2020, but the industry will require further, sustained investment.

This report will provide an insight on the nations that are more actively modernizing their electric power grids and adding renewable energy are approaching energy storage. Particularly focusing on battery storage in electric power grids, through this report we have uncovered what is driving the push for energy storage and what utilities, policy makers, and other stakeholders are doing to develop storage markets and support ongoing deployment.

This report also examines an overview of energy storage technological developments in emerging markets along with details on the services ESSs can provide at the utility-scale and in remote power systems. Key trends and barriers for the technology in emerging markets is also explored in depth. Finally, case studies are included to highlight successful projects around the world that demonstrate both the challenges and potential for energy storage in emerging markets.

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