Transformational Trends in the Energy Storage Market
Battery energy storage systems (BESS) offer high efficiency and superior performance in the ancillary services power market, providing response that is times faster and more accurate than a power turbine generator.
A % to % reduction in frequency regulation capacity procurement by a utility through storage projects could lead to a cost savings of $ million to $ million to commercial and industrial (C&I) and residential customers.
The BESS market alone is expected to be worth $ billion in 2020. Other technologies are competing in the medium-scale energy storage space, while large-scale storage (in terms of GW) is clearly dominated by pumped hydro energy storage (PHES).
BESS and thermal storage are the most widely used technologies in medium- and small-scale energy storage, while PHES is primarily large-scale.
No down payment is emerging as the most popular business model for BESS installations for C&I customers, while residential energy storage (RES) is moving towards outright purchase of a stand-alone product.
About this report
This deliverable discusses the key trends that create remarkable impact in the energy storage market. It was based on responses collected from industry participants about the important trends in the energy storage market that could transform the industry. These transformational trends, and the future of energy storage through 2025, are discussed. Key technologies, the role of battery energy storage systems, installed capacity globally, and the regional forces that drive demand for energy storage are discussed in detail.