The global battery energy storage market is expected to grow to $13.13 billion by 2023. Globally renowned research firm GlobalData revealed in its latest research report that Asia Pacific (APAC), Europe, Middle East and Africa (EMEA) will become forecasts. The main market for battery energy storage systems during the period.
GlobalData believes that the decline in technology prices in the power market and the acceleration of development are the main drivers of energy storage batteries.
As countries are increasing their investments to improve their grid infrastructure and market structure to attract foreign investment, the Asia Pacific region will continue to be the world's largest regional market, with its market size expected to reach $6.05 billion by 2023; in terms of technology, lithium ion The battery will continue to be the technology of choice for market deployment.
Global Data's power analyst Bhavana Sri said: "In terms of cumulative installed capacity and market value of projects installed in 2018 (by country), the United States has been the largest market for battery energy storage systems (BESS) and is likely to continue to lead the country. Market. It is estimated that the US battery energy storage market will reach 2.96 billion US dollars in 2023, accounting for 23% of the global market."
The Asia Pacific region is the largest regional market for battery energy storage systems. It accounts for 45% of the global installed capacity in 2018 and is expected to maintain its highest share during the forecast period. With the significant increase in the number of grid-connected renewable power plants, countries such as China, India, Japan, South Korea and the Philippines will focus on grid frequency regulation to regulate changes in renewable energy generation.
The market value of the EMEA battery energy storage market in 2018 is about 1.73 billion US dollars, accounting for 26% of the global market. Demand for grid flexibility is strong in the region due to technological advances, changing market conditions, strong research facilities and supporting policies. The Middle East and Africa are small markets, and once renewable energy generation gains significant traction in the market, demand for storage is expected to increase.
In 2018, the market value of the American battery energy storage market in 2018 was about 1.97 billion US dollars, accounting for 28%. The battery storage market in the region is growing, and countries such as the United States, Chile, Canada, and Brazil promote the storage and installation of batteries across consumer groups. Some US state governments have issued strong incentive programs, most notably California, which set a goal to achieve 1.3 GW of energy storage by 2020, which is now exceeding the target, and new targets are waiting Approved.
Bhavana Sri concludes: “As countries actively promote grid modernization and develop their ability to respond to current and future needs, batteries are being deployed to support smart grids, integrate renewable energy, create responsive power markets, provide ancillary services, and improve System flexibility and energy self-sufficiency."
Overall, market conditions are improving and more and more companies are entering the deployment of distributed grids, stimulating an increase in on-site deployment of renewable energy and batteries. At the same time, supportive policies and high electricity bills have also driven the market's demand for renewable energy and/or storage and the end consumer. As the power industry continues to evolve to adapt to new technologies and adapt to different market trends, energy storage will play a central role in the transformation of the power industry.