May 6, 2019 Read More →

Report projects size of global battery storage market climbing to exceed $13 billion by 2023

PV Magazine:

As renewable energy capacity rises around the globe, markets are changing, creating opportunities for new businesses and technologies. One of the primary beneficiaries of the tide of renewable energy is a battery storage industry whose global market volume will rise to $13.13 billion by 2023, buoyed by necessity and falling system prices.

That is the prediction made by market analysis company GlobalData in its Battery Energy Storage Market, Update 2019 – Global Market Size, Competitive Landscape and Key Country Analysis to 2023 report, which states the Asia and Pacific region (APAC), as well as Europe, the Middle East and Africa (EMEA), will be the most dominant battery storage markets up to 2023.

According to the analysts, the APAC region made up 45% of the world’s installed battery storage capacity last year. The region will continue on that trajectory, said GlobalData. In China, India, Japan, South Korea and the Philippines in particular, said the analysts, significant uptake of grid connected renewable electricity generation will necessitate frequency control in grid networks to improve resilience.

The EMEA region significantly increased its battery storage market share between 2013 and 2018, to a 26% slice of the world market worth $1.72 billion. The GlobalData report adds, the European market has robust demand for flexibility and will be EMEA’s driver for new storage capacity with Africa and the Middle East to follow suit once renewable energy deployment gains traction.

The Americas battery storage market was slightly larger than EMEA with a registered value of $1.97 billion last year, to make up around 28% of the global market. Chile, Canada, Brazil and the U.S. in particular saw rapid uptake of storage.

More: Battery storage market will be worth $13 billion by 2023

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