The installed capacity of global battery energy storage system (BESS) is projected to increase from 1.5GW in 2015 to more than 14 GW by 2020, according to a new report from GlobalData.
Titled, “Grid Connected Battery Energy Storage System – Market Size, Competitive Landscape, Key Country Analysis and Forecasts to 2020”, the report attributes this growth to multiple projects planned to be commissioned by 2020. These include a number of renewable installations and focus on grid stability.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataIntroduction of BESS in the power sector spans a number of applications and resolves issues such as energy time shifts, load following and frequency regulation, renewable capacity continuity, transmission congestions relief, and energy tariff cost management.
Valued at more than $750m in 2015, the US has the biggest market for BESS, which is expected to grow further to $1.7bn by 2020.
Climate change concerns, consumer efforts, and government initiatives have contributed to the deployment of solar and wind resources, says GlobalData analyst Swati Gupta. Technological advancements in manufacturing processes and increasing competitiveness will reduce BESS prices by roughly half from 2015 to 2020, the report adds.
However, a major challenge to the market is the difficulty of integrating BESS with the electricity grid due to the variability of solar and windpower. To address this issue, BESS are being directly connected to the electricity grids to make the power supply smoother and more reliable, adds Swati Gupta.