Energy (Electricity) Storage Market segmented on the basis of product type, application, and region
Increasing demand for power from remote locations such as small diesel generators are widely used to generate power in remote power systems is a key driving factor for growth of the market. Electricity generation methods and technology can vary according to region type and availability of renewable resources such as wind, solar, and water.
The objective being to reduce carbon footprint, air pollution levels, and to ensure access to more sustainable resources for power generation. These factors are further expected to fuel the market growth.
High cost associated with new storage technology deployment and new modeling challenges could restrain the market growth over the forecast period. One of the major barriers for development of new storage facilities is high costs associated with study, license, permit, design, building, and operations of new facilities.
Energy storage devices can provide various grid services such as voltage stability and frequency regulation simultaneously, and hierarchy of services may be different for each storage resource modeled.
Increasing penetration of variable energy generation systems such as solar and wind are expected to increase demand for ancillary services to manage higher levels of uncertainty and variability, which requires a reliable method for frequency regulation and load balancing operations, thereby creating high potential opportunities for players in the market.
Different types of Li-ion batteries such as organic Li-ion and semisolid Li-ion batteries are under R&D, which is further expected to fuel the market in the near future.
Among all the application segments, the residential segment is expected to register highest CAGR of over 40%, owing to mass adoption of residential solar photovoltaics, falling system cost, increasing power prices, and focus on using clean and locally generated electricity are some factors fueling demand for residential energy storage systems.
The Storage Act of 2011, which provides 20% investment tax credit of up to US$ 40 Mn per project is connected to the electric grid and distribution system. Additionally, the Act provides 30% investment tax credit of up to US$ 1 Mn per project to businesses for on-site storage (ibid).
Dominance by North America market is expected to continue over the forecast period. Driving factors for growth of the North America market include presence of key players in the region such as NEC Energy Solutions, NEC Energy Solutions, The AES Corporation, S&C Electric Company, SolarCity Corporation – (Tesla, Inc.), General Electric Company and Princeton Power Systems, Inc.
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Developed economies in the region such as South Korea with advanced grids operates reliably and utilizes advanced technologies. The Ministry of Trade, Industry and Energy (MOTIE) has introduced many efficient support measures to boost South Korea’s ESS industry.
The Act also provides 30% tax credit for homeowners for on-site storage systems to store off-peak electricity from solar panels or from the grid for later use. In addition, incentives for systems that provide summer on-peak demand reduction are US$ 2,100/kW for battery storage technologies.
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