A recent study has identified 2092 energy storage projects globally.

Navigant says there are several factors driving market growth including:

Five factors driving the global energy storage evolution

According to the report from Navigant Research, the landscape for this technology has grown increasingly sophisticated, marked by new types of projects being monetised through innovative business models. 

  1. The growing need to modernize global electricity grids;
  2. The evolution of business cases for deploying energy storage;
  3. Restructuring of electricity markets is enabling the valuation of the flexible benefits of energy storage deployments;
  4. An increase in the deployment of variable generation sources such as solar PV and wind;
  5. The need to address unstable grids and frequent outages

“Several new companies have entered the market across the energy storage value chain while legacy companies have sought to bolster their presence,” says Ricardo F. Rodriguez, research analyst at Navigant Research.

He added: “The growing need to modernise global electricity grids and the evolution of business cases for deploying storage are expected to ensure continued market growth.”

Several key factors continue to increase the global need for energy storage deployments, according to the report. The restructuring of electricity markets will enable valuation of the flexible benefits of energy storage deployments, while variable generation sources such as solar PV and wind that are connected to power grids will require increased load balancing against demand.

Areas with unstable grids and frequent outages will benefit from distributed energy storage systems (DESSs) and microgrids with storage, and load profiles are expected to play a critical role in the structure and operation of the power grid, which will influence the development of energy storage markets.

Originally published on smart-energy.com