Another day, another report on the projected rapid development of the energy storage sector. All this of course is well merited, in our opinion, and welcome. What really excites though is to see storage deployed and getting traction in advanced economies (those with existing centralised energy infrastructure), as well as emerging economies where storage can help leap directly to decentralised power. It was great to see how well batteries did in the EFR tender announcement last Friday. Congratulations to the winners, let's see those solutions deployed and setting the example to fulfill some of the optimism in these reports.
GlobalData’s latest report, Grid Connected Battery Energy Storage System — Market Size, Competitive Landscape, Key Country Analysis and Forecasts to 2020, posits that the introduction of battery energy storage systems, or BESS, will continue to grow as renewable installations continue to increase and focus on grid stability is prioritized. BESS will provide numerous benefits for the power sector, including resolving concerns over energy time shift, load following and frequency regulation, renewable capacity continuity, transmission congestion relief, and energy tariff cost management. Further, BESS prices have already been declining in the fact of technological innovation, improvement in the manufacturing process, and growing competitiveness. BESS prices are expected to only continue to decline, falling by almost half from 2015 to 2020.