According to a new report from Navigant Research, global new capacity additions of utility-scale energy storage (USES) systems are expected to reach 1,557 MW in 2019, and this number is projected to grow at a compound annual growth rate of 34.8% to reach 22,909 MW of new capacity deployed in 2028.
As the global USES industry continues its pattern of rapid
growth, inflection points are arising around the world. The technology is
becoming competitive with conventional power grid systems and, while the
industry remains diverse, repeating trends are surfacing in the early adopter
markets that have grown and become more mature.
“A key trend seen around the world is that the early stages
of a market’s development typically include projects that are smaller and focused
on single applications – often grid stability services such as frequency
regulation,” says Alex Eller, senior research analyst at Navigant Research.
“As markets mature, such as the U.S., Germany, and
Australia, new projects tend to shift to target more substantial multi-revenue-stream
opportunities for capacity and reserve services, including combined renewables
plus storage plants.”
The emergence of solar-plus-storage projects has been the
most important trend seen in the global USES industry in the past two years,
according to the report. These combined projects account for a large percentage
of newly announced energy storage capacity, including some of the largest
projects being built.
Standardization among these new solar-plus-storage projects
has been key to driving their growth, both in terms of technical designs and
contract structures through combined power purchase agreements.
For more information about the report, click here.
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