The global grid-connected battery energy storage systems (BESS) market witnessed a market volume of 3.8 gigawatts (GW) for projects installed up to 2017, which is expected to reach 23.4GW for projects installed up to 2022. According to GlobalData’s latest report Grid-Connected Battery Energy Storage Systems, Update 2018 – Global Market Size, Competitive Landscape, Key Country Analysis, and Forecast to 2022, the top five countries in the global market were the US, South Korea, China, Japan, and Australia for projects commissioned up to 2017, with the US having a 28% market share and leading the global BESS market.
The top five countries represented over 80% of the global market in terms of cumulative installed capacity in 2017. In 2017, the Asia-Pacific region led the global market by holding a 54.1% market share, followed by the Americas with 32.8%, and Europe, Middle East, and Africa (EMEA) with 13.1% for installations up to 2017. With respect to technology, lithium-ion has been the preferred choice to date and shared approximately over 75% of the global market with respect to BESS installations up to 2017. It is expected that lithium-ion will be the key technology throughout the study period.
In the Asia-Pacific region, South Korea led the regional market with a share of 31.3% with respect to projects installed up to 2017. South Korea is expected to show promising growth in the forecast period. This is because the South Korean government has earmarked KRW40 trillion ($35.7 billion) for the renewable energy sector over the next five years, as it unveiled a plan to reward solar plant operators for installing energy storage facilities. The country is attempting to reduce its reliance on fossil fuels. It plans to shut down 10 obsolete coal-powered plants in the country during the period, and supplement their closures by delivering 6% of total power from green energy sources by 2020. The Korean Electric Power Corporation (KEPCO) is working already with Korean battery provider Kokam to provide more than 500 megawatts (MW) of battery storage for frequency regulation.
The US led the Americas region with a regional market share of 87.4% with respect to projects installed up to 2017. Among the regional markets in the US, California had the largest deployment of energy storage capacity. The Aliso Canyon gas leak pushed California toward the construction of energy storage pipeline projects and development of new projects, representing an installed capacity of over 200MW in 2016. In terms of applications, ancillary services remained the leading application sector for energy storage in the US.
Recent Comments