New Energy Storage Tools Emerge to Support Growth to $211 billion in 2026

Release time:2022-10-27 Click amount: 629


With ASEAN witnessing a substantial uptick in renewable energy (RE) project development, energy storage will become increasingly essential to capture surplus generation power created from wind, solar, and other sustainable energy sources.

Due to the cost competitiveness of various technologies, government driving RE adoption policies, and reducing fossil fuel firing, the growth of renewable projects is expected to rise further and with it, the need for energy storage.

Specifically in the Asia Pacific market, the growth rate is anticipated to be exponential, according to Fortune Business Insights. Globally, the advanced energy storage system market is expected to expand from USD $145 billion in 2018 to USD $211 billion in 2026 with a CAGR of 4.82% during the projected period.

Additionally, the growing energy demand and accessibility of cost-effective storage options in emerging countries will continue to support the market expansion. In addition to the lower cost furthering the development of the market, so too is the availability and efficacy of current fortified and sustainable electricity systems.

"As we deploy more renewables, our systems will face many challenges, and storage can help support many of those challenges. Whether it is dealing with intermittency in renewables to supporting our power grids," stated Dr Matthew Rowe, the Director of the DNV Power Grids business in Asia Pacific.

Matthew sees great promise in the further growth of the storage industry in the region, and the role DNV can play in providing technical advisory services to help support the technology's growth.

In the Energy Transition Outlook 2021, DNV forecasted that RE generation in APAC is anticipated to increase by over ten times the 2021 installed capacity by 2030. The use of energy storage will bolster part of the growth and will be vital in net-zero energy systems.

"The DNV 2021 Outlook predicts that by 2050 we will have over 4,500 cumulative GWh of stationary energy storage on our systems. This is a significant increase from where we are today," Matthew shared.

Over the last five years, energy storage technology is rapidly becoming a vital technology in delivering the energy transition. In Matthew's estimation, power producers can now utilise battery storage to not only capture the surplus of RE energy produced but also accelerate decarbonisation and energy transitions across ASEAN.

"Energy storage can and will play many roles across the energy system, such as deferring expensive and high-carbon traditional network upgrades, time-shifting renewable energy to a time of the day when the energy is needed and providing fast, high power to help maintain system frequency and balance the energy system. In many cases, we are already seeing, and will continue to see, single storage assets providing many applications," he said.

As a keen observer of the storage market, Matthew also noted three battery storage trends he knows would continue to grow over the next 5-10 years.

"For me, I see untold potential in three key areas: greater energy density cells, the fact that costs are on the decline and decreasing, and lastly, the improvement in reliability and safety of the battery anode and cathodes.”

Potential also lies in the APAC region, which is already a key player in the global supply chain for batteries. Due to sharply plummeting prices and technological advancements, batteries can now store ever-larger quantities of energy, which has supported the record grid-scale systems growth. Specifically, mainland China, Japan, Australia, and South Korea have installed a significant percentage of  the worldwide energy storage capacity and the rest of APAC is bound to follow suit.

DNV recently released the fourth edition of its Battery Scorecard report. The report can be used as a transformative solution to share best practices and insights that regions such as APAC and beyond might benefit from.

"In essence, the DNV Battery Scorecard is a free publicly available tool consisting of a report and online dashboard. It was designed to examine some of the most crucial questions surrounding batteries while considering the current energy environment. By sharing insights into technology readiness, degradation, useful life, and safety, the report can be applied to current challenges and aims to answer questions such as 1) Who are the major battery suppliers, and have they been vetted? 2) How do batteries degrade? 3) What is a battery's useful life?" Matthew explained.

Tools such as the DNV Scorecard provide concrete learnings from around the globe that can transform a business and support battery storage adoption and decarbonisation goals.

"The energy transition is humanity's greatest test. DNV is a purpose-driven organisation whose role it is to safeguard life, property, and the environment. We look forward to turning a page into the next stage of a net zero future together," Matthew said.

Article Source:Originally published(New Energy Storage Tools Emerge to Support Growth to $211 billion in 2026)by Melissa Fitzgerald, Senior Content Manager at Enlit Asia

Product Inquiry
E-mail Address:*

Our site uses cookies to provide you with a better onsite experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.