New Technologies, New Sites Supporting Growth of Energy Storage
The U.S. and global market for energy storage continues to grow, in large part aligning with increased deployment of renewable energy facilities. Battery energy storage systems (BESS), which store the energy from solar arrays, wind farms, and more, are being used to help balance the power grid, and provide more reliability and resiliency, along with other ancillary services.Get more news about
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Colin Touhey, CEO of Pvilion, a developer of innovative fabric-based solar power equipment and whose customers include the U.S. Air Force, told POWER, “Energy storage will become ubiquitous as an integral part of the grid. This growth will continue and will only slow when all potential grid options are saturated.”
What has been touted as the “Energy Storage Decade” by industry analysts and others has lived up to that billing, despite hiccups caused by the coronavirus pandemic and associated supply chain issues. The global battery energy storage system market was expected to increase from $3.36 billion in 2021 to $4.34 billion in 2022, representing year-over-year growth of about 29%, according to a January 2023 report from Research and Markets, a global market research group. The report said growth in the sector is expected to top $11 billion in 2026—or total growth of another 150% in the next four years.
Energy storage, whether from batteries, pumped hydropower, thermal systems, or other technology, is benefiting from the move toward the electrification of transportation, along with an emphasis on electrification of the commercial and industrial, as well as residential, sectors.
Energy storage is the foundation from which all renewable-sourced decarbonization efforts must be built,” said Matt Clenchy, analyst with Orennia, a technology company that provides data and analytics on the energy transition for investors. “Renewable energy is intermittent … because of this, high levels of renewable penetration can threaten grid reliability, so grid operators rely on energy storage to shift energy to peak demand hours. For renewable energy to meaningfully displace baseload fossil fuel generation, it must be deployed alongside storage.”
Ryan Brown, CEO and co-founder of Canada’s Salient Energy, said, “The growth in energy storage will definitely continue. Energy storage is critical to integrating large amounts of wind and solar power into the grid.” Brown, whose company develops zinc-ion batteries for stationary energy storage, told POWER: “Governments have set aggressive targets for renewable penetration that will only be possible with significant investment in energy storage. I believe these targets will be taken seriously for two main reasons. First, the increasing occurrence of extreme weather is making climate change an increasingly important issue to everyday people. Second, Russia’s attempt to weaponize the EU’s [European Union’s] dependence on its natural gas has caused lawmakers to view the transition to renewable energy as critical to national security. So, the growth in energy storage will continue because it is driven by issues that are becoming increasingly important and urgent.”
“The demand for energy storage will continue to grow. According to the BloombergNEF 2H2022 Energy Storage Market Outlook forecast, energy storage installations are set to reach a cumulative 411 GW (or 1,194 GWh) of capacity at global level by the end of 2030,” said Matthew Towery, senior manager of Energy Storage at Enertis Applus+. “This is 15 times greater than the storage capacity that was online at the end of 2021 (27 GW or 56 GWh). The U.S. and China are set to remain the largest markets, representing over half of global storage installations worldwide by the end of the decade.”
