The NEC Energy Solutions Blog

Large-scale projects, broad trends, highlight potential of global energy storage market

The global energy storage market has been evolving in recent years, and that growth is about to escalate. A couple of major projects emphasize the scale of the innovation happening in the segment. At the same time, overarching industry trends point to the possibility of ongoing momentum in the sector.

Energy storage systems can revolutionize the global economy. A major change in how power is delivered can be an invaluable asset in improving economic stability and health. Two energy storage projects that point to this potential include:

India seeking expressions of interest for new energy storage project
India's Ministry of New and Renewable Energy is exploring new ways to integrate renewable generation sources and energy storage to promote efficient and reliable power delivery. A recent PV-Tech report explained that the ministry is seeking expressions of interest about the possibility of creating demonstrable projects that will allow the nation to take advantage of renewable energy resources while using batteries to overcome the variable nature of solutions like wind and solar power.

The news source explained that India has created incredibly aggressive renewable generation goals to reach by 2020. As these efforts cross multiple segments of the grid, the nation needs to consider the far-reaching implications of implementing such a large-scale renewables strategy. This has led to the interest in energy storage and possibility of a new project.

"Energy storage systems can revolutionize the global economy."

Australian renewables strategy to pay off in energy storage innovation
Australia's Feed-in-Tariff strategy for New South Wales is on the brink of paying off, something that could lead to major investments in energy storage systems in homes, PV-Tech Storage reported. The project involves providing consumers with credit based on the solar investments they made during a pre-specified period. Industry expert Chris Chambers told the news source that these payments to consumers will begin to come to bear in NSW in 2016, giving energy storage providers an ideal opportunity.

The news source explained that Chambers believes consumers will be well positioned to use program payouts to improve the value created by their renewables investment through battery investments. Payouts will take place throughout Australia in coming years, with the next batch of funding to come in Tasmania in 2018.

Batteries getting cheaper
A recent study performed by the Australian Renewable Energy Association found that battery prices are set for a major decline over the course of the next few years. The study found that battery costs for many types of energy storage solutions will decline by between 40 and 60 percent between now and 2020, Renew Economy reported. 

The rapid decline in costs associated with batteries will likely contribute to a major increase in demand for energy storage solutions. This is particularly evident as a variety of economic conditions come together to create a vibrant market for batteries. Furthermore, lithium ion batteries are among the solutions to see price declines of 60 percent during the next five years, creating substantial opportunities.

Energy storage technologies are becoming more accessible around the globe while the demand for solutions rises. With national projects and strategies putting an emphasis on energy storage, the global sector could be poised for considerable growth.

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