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BESS market set to grow tenfold

Fri, 07/29/2016 - 16:48 -- Vic
BESS market set to grow tenfold

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 pumped hydorelectric storage (PHS).

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