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Electricity Market Modernization and Cost Reductions Powering the Global Grid Battery Energy Storage Market

ReportLinker
·3-min read

Power utilities, system operators, and authorities worldwide increasingly regard grid battery energy storage as a core component of energy expansion plans. Key factors driving this consideration are increasing price competitiveness owing to declining technology costs, including for batteries and balance of plant, and the continual expansion of intermittent renewables.

New York, March 31, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electricity Market Modernization and Cost Reductions Powering the Global Grid Battery Energy Storage Market" - https://www.reportlinker.com/p06042211/?utm_source=GNW
Grid battery energy storage market fundamentals proved to be adequately strong against the COVID-19 turmoil. In 2020, the global market expanded 47.3% with 2.4 GW of new power capacity. A robust outlook is expected for the decade ahead. The analyst forecasts the annual power capacity to reach 19.3 GW by 2030, amounting to 134.6 GW/437.4 GWh of cumulated capacity, and the annual investment to rise from $2 billion in 2020 to $15.94 billion by 2030. Most grid storage active systems were created to supply quick power to frequency regulation services, requiring high-power and short-duration batteries. The analyst expects future evolutions in regulations and market designs to acknowledge and properly compensate grid storage for other use cases, especially as capacity assets that can replace or defer gas peaker plants, new renewables generation plants, and transmission lines. Consequently, more battery energy storage systems with larger duration profiles are deemed to enter the market as capacity assets. Market development is poised to remain uneven and highly concentrated in selected countries with supportive market dynamics and regulations. By 2030, only three countries, i.e., China, the United States, and Australia, are likely to account for almost two-thirds of the global market’s annual power additions. Meanwhile, in most countries, the economics for grid battery storage is expected to remain challenging pending further cost reductions and market design modernization.Asia and North America are expected to be the leading regions, accounting for 46.2% and 32.4%, respectively, of the total grid battery storage power capacity by 2030. Europe’s participation is expected to fall from 25.6% in 2020 to 13.3% by 2030. With few exceptions of more progressive countries, opportunities in Latin America, Africa, and the Middle East are projected to remain limited.This study provides regional forecasts and analyses of grid battery storage capacity and investment evolutions in the next 10 years with further details for main countries. It also presents the industry value chain and competitive analysis of key participants. Additionally, the study highlights growth opportunities for industry participants, including hybrid power plants, the use of second-hand batteries, and optimization services.
Author: Maria Benintende
Read the full report: https://www.reportlinker.com/p06042211/?utm_source=GNW

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