NewEnergyNews: Global Energy Storage Growth to Accelerate

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    Friday, May 10, 2019

    Global Energy Storage Growth to Accelerate

    ‘Significant acceleration’ in grid-connected storage could see 4.3GW installed worldwide in 2019

    Andy Colthorpe, 10 May 2019 (Energy Storage News)

    “…[There has been] ‘significant acceleration’ of activity in the global grid-connected energy storage market, with 4.3GW expected to be deployed this year…[and] there could be 10.6GW of grid-connected energy storage deployments annually by 2025…[Primary drivers are] demand from solar co-location, growth in the Chinese market and incentives given for residential installations in various global territories…China and the US are the world’s fastest-growing markets, expected to account for more than half of all installations worldwide by 2024…[T]he US has in 2019 been the world’s leading market, overtaking South Korea which saw huge growth during 2018…The need to replace peaking capacity on the grid - traditionally provided by combined cycle gas turbines - and the growing sturdiness of the business case for solar-plus-storage have been the primary drivers of large procurements in the US…

    Front-of-meter and behind-the-meter deployments of energy storage will eventually begin to take an even split of the global market…[as the growing case for solar-plus-storage is] observed in more parts of the world from now until 2025…There’s been growing debate over the choice of battery chemistries and sub-chemistries…[F]alling cobalt prices this year have ‘softened’ the pressure on lithium-ion battery prices, as have the introduction of new production lines in various global locations. There has also been a shift towards lithium iron phosphate (LFP) in the stationary storage market, which has had an influence on global pricing…Challenges to the industry going forward include fire safety and the need to introduce standards applicable internationally, while synergies with the EV industry will be ‘crucial’ to the growth of the storage market…” click here for more

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