The escalating rise in environmental concerns has shifted the focus of energy storage market stakeholders from conventional fuel to renewable energy sources. Numerous governments across the globe have been proactive in installing renewable energy projects to cater the burgeoning electricity requirement. Apparently, the growing participation of governments in operationalizing these projects has consequentially drawn hefty investments into Advanced Energy Storage Market. As energy storage systems enhance the overall efficiency of power grids, these systems are being deployed extensively across industrial, commercial, residential spaces. Amidst such a backdrop where unconventional energy sources are increasingly gaining prominence, the growth prospects of energy storage market can be aptly quoted as humongous. Enumerated below is a regional overview of advanced energy storage industry:
US | Operationalization of storage systems across the nation to impel energy storage market trends
It is quite a well-known fact that numerous laboratories and firms working in the U.S. energy storage industry have played a pioneering role in enhancing grid storage systems. Moreover, various stakeholders along the likes of developers, investors, planners, researchers, and policy makers have been focusing on setting-up highly-efficient energy storage systems in the nation. As a consequence of this, U.S. has made remarkable headway in the global energy storage market. Below mentioned are a few instances which further reinforce the centrality of the U.S. in this business space:
- Joining the select handful states of the US, New Jersey has recently set itself an ambitious goal to deploy energy storage systems with a minimum of 600 MW of the technology over the course of three years. The latest legislation calls on the New Jersey Public Utilities Board to analyze the potential benefits and cost of energy storage solutions. It would be prudent to mention that other states including Arizona, Massachusetts, New York, and California have put in place energy storage deployment targets in the recent past.
- In an attempt to construct its first energy storage project in the U.S., British Petroleum has recently teamed up with electric car maker Tesla. Reportedly, the project would enable windfarms to store energy when the wind is ample. The South Dakota based windfarm, named as Titan 1, would be provided with large-scale battery power by Tesla. Apparently, the latest collaboration is touted as crucial across the energy storage industry as tapping wind power, which is a volatile energy source, has conventionally been tough.
Australia | Power generation from renewable sources to assist energy storage industry
With costs of electricity in Australia setting new records each year, advanced energy storage industry has been compelled to play a vital role to sustain the nation’s economy. If industry experts are to be believed, the costs of electricity in Australia would continue to increase in the ensuing years if the pace of adopting energy storage systems is not accelerated.
According to news reports, it is being speculated that Australia’s electricity sector would generate approximately 75 percent of its power from renewable sources by the year 2030. Moreover, the regions of Tasmania and South Australia are estimated to receive as much as 100 percent of its energy requirements from unconventional sources by the same year. In order to store the humongous amounts of energy that would be created in the near future, the installation of energy storage solutions would cost around USD 22 billion, cite reliable sources.
Needless to mention, the aforementioned statistics certainly bear testament to the fact that the nation is now rapidly acknowledging the long-term benefits energy storage solutions. It seems quite overt that these trends are anticipated to act as a catalyst for energy storage market size progression in forthcoming years.
China | A quest to leave an indelible mark on the global energy storage industry
While China has led the world in pushing for greater dependence on solar and wind power in the recent years, it now plans to boost its large-scale energy storage capacities. According to the nation’s central planner National Development and Reform Commission (NDRC), the government would soon issue subsidies to firms partaking in energy storage market to accelerate the construction of new power saving facilities.
Moreover, the Chinese government intends to launch a few pilot projects to test new energy storage technologies such as compressed air energy storage, bulk storage with batteries utilizing substances like lead-acid lithium-ion, superconducting magnetic energy storage, and pumped hydro storage. Reportedly, these projects are anticipated to be completed by 2020 and would be put into large-scale production in the ensuing five years of timespan.
It would be imperative to state that numerous other nations have been prescribing stringent regulatory guidelines to achieve a low carbon economy, which has, in turn, benefited the energy storage industry. Along with this, major industry participants have been investing massively in R&D programs to develop advanced grid storage solutions. With a slew of renewable projects in the pipeline, energy storage market share is estimated to proliferate substantially over the forthcoming years.