Energia
Expansion of Renewables and Cost Reductions Drive Battery Energy Storage to Forefront of National Energy Plans
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"With climate change and environmental sustainability at the center of national agendas, battery storage systems deployment is crucial to support the transition to higher levels of clean electrification relying primarily on variable renewable energy sources," said . "Additionally, the increasing power demand and generation assets distant from consumption centers necessitate transmission grid reinforcement and optimization. Batteries offer an attractive option in handling the evolving electrification issues, sparing massive investments in new transmission grids."
added: " —led by China—and —led by the U.S.—are anticipated to be the leading regions, accounting for and , respectively, of the total grid battery storage power capacity by 2030. Opportunities in , , and the will remain limited, pending further cost reductions and modernization of market designs. participation is likely to fall from 25.6% in 2020 to 13.3% by 2030 because of the saturation of frequency regulation markets and the lack of a business case for other applications."
Within the global grid battery energy storage market, Frost & Sullivan highlights a series of growth opportunities. Market participants should consider the following:
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Jaylon Brinkley
Corporate Communications
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