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The global market for energy storage systems is gaining ground both in terms of the amount of energy being stored and the diversity of project types getting attention. Residential energy storage projects are emerging as a key need in Australia, Egypt is pushing ahead on efforts to improve grid energy storage and the global market for energy storage systems on the whole is expanding.
Getting batteries down under
A recent CleanTechnica report explained that retail energy sources in Australia have become extremely expensive relative to utility costs in other nations. At the same time, rooftop solar panel installations have been getting less expensive and creating an environment in which residents of Australia are experiencing some of the lowest costs for power in the world. This dramatic transition to low-cost solar power has happened quickly in the land down under, and one can point to a variety of factors – ranging from government regulations to utility operator investment decisions.
Regardless of how solar has become so cheap, so quickly, one thing is clear – the increased volume of rooftop solar panel users has created significant demand for new investments in residential energy storage solutions throughout the nation.
"The global battery storage market will rise at CAGR of 18 percent from 2015 to 2022."
Egypt provides example of grid energy storage expansion
Egypt is emerging as a new player in the grid storage sector. The North African nation recently announced plans to increase its investments in energy storage to help utility operators become less dependent on traditional power generation models and embrace renewables, Daily News Egypt reported.
According to the news source, Egypt has been working hard to invest in renewable resources to modernize its energy infrastructure and improve sustainability. However, these efforts have been stymied, to an extent, by the lack of energy storage capacity within the nation. Storage solutions are not necessary to make renewables a viable option, as these technologies can stand alone as an effective power generation tool. However, energy storage system can help to maximize the value of renewables.
Galal Osman, Board Member of International Renewable Energy Agency, told the news source that the goal of energy storage systems in Egypt extends beyond the nation. Moving forward, increased investments in renewables and storage solutions can lead to projects that cross national borders and allow electricity to be shared throughout parts of Africa.
Global energy storage industry growing
Battery storage solutions aren't just gaining ground in isolated national projects like those that come into play in Australia and Egypt. Energy storage is rising around the world, and a recent study from Grand View Research found that battery solutions are likely to experience the fastest growth moving forward. Energy storage as a whole is becoming critical because it allows organizations to move beyond traditional power generation models. At this stage, battery storage systems are still relatively new to the market, but the market for batteries will rise the fastest of any energy storage segment.
The study predicted that the global market for battery storage systems will rise at compound annual growth rate of 18 percent from 2015 to 2022.