The global battery energy storage system market (BESS) is expected to grow by almost ten times by 2020, according to a GlobalData report.
The sector is predicted to grow from 1.5GW in 2015 to 14GW. The main driver of the growth will be the increased share of renewable energy in the power sector and lower production costs in battery systems.
Many global BESS projects are expected to start in the near future as more wind and solar sources are being merged into power grids increasing the need for storage systems like CAES and flywheels that use electro-mechanical technology and batteries and super-capacitors based on electro-chemical technology, and PHS.
The report offers an overview of BESS, analysing energy storage technologies and how well established they are. It provides in-depth detail of the global BESS market between 2006 and 2015 and in the forecast period, 2015 – 2020, a study of the current competitive landscape and analysis of vital countries including the US, Chile, Germany, Italy, the UK, France, China, India, Japan, South Korea, and Australia.
The report shows that the US leads the BESS market with a value of around $750 million in 2015, expected to rise to $1.7 billion by 2020. This growth prediction is backed by regulatory targets and frameworks for energy storage installation.
BESS markets in Japan, Germany and China are also predicted to grow to $1.5 billion, $1.2 billion and $1.07 billion respectively.
The Energy Roadmap 2030 by the International Renewable Energy Agency (IRENA) says 475GW of energy storage systems will be needed to meet a target of 45% of renewable energy in the power mix by 2030.
