Major advances in battery technology are expected to create a host of important geographical ‘hotspots’ in the energy storage industry, according to a professional services consultancy.
Procorre, which manages the lifecycle of renewable energy projects, says that as well as technological advances, significant price decreases in renewable energy technology and rising demand for cheaper electricity will give some non-renewable energy generating countries the impetus they need to start producing and storing cleaner energy.
Stuart Livingstone, group operations director at Procorre, explained: “Developing countries such as India, South Africa, Mexico, Morocco, Uruguay and Chile all dramatically increased investment in renewable energy in 2015 and are expected to continue doing so over the next two-to-five 5 years.
“This in turn is going to spark an energy storage boom as governments look at ways of harnessing the energy their countries produce so it can be used when demand for electricity is high.”
Livingstone said these countries are joining big players such as the US, Germany, Japan and China which, he added, are “leading the way in renewable energy and particularly in the development of battery storage, which is essential to containing and redistributing previously generated energy”.
“While some countries have inevitably taken the lead in energy storage, many others are likely to benefit from the technological advances, expertise and cost decreases established by the early adopters.
“For example, we already know batteries are taking on a bigger role in energy storage, especially as they increasingly make their way into homes and businesses. It is this technology we predict to be implemented the most in these developing countries.”
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