Market Research Report
Market Data: Utility-Scale Energy Storage Market Update - Global Market Drivers, Trends, and Forecasts for the Large-Scale Energy Storage Industry, 2020-2029
|Published by||Guidehouse Insights (formerly Navigant Research)||Product code||967894|
|Published||Content info||32 Pages; 43 Tables, Charts & Figures
Delivery time: 1-2 business days
|Market Data: Utility-Scale Energy Storage Market Update - Global Market Drivers, Trends, and Forecasts for the Large-Scale Energy Storage Industry, 2020-2029|
|Published: October 22, 2020||Content info: 32 Pages; 43 Tables, Charts & Figures||
Utility-scale energy storage (UES) is now considered as a key component of new power system planning efforts in countries around the world. This represents a major shift from just 2 years ago when the technology was still largely considered as too expensive or complex for integration into energy markets. Falling battery prices have made UES projects cost-competitive with fossil fuel generation and other technologies for numerous applications including peak generation capacity and frequency regulation. However, the most substantial shift has been the improving economics of combined solar-plus-storage projects which are now cheaper than natural gas generation in many countries and account for a large and growing portion of the global UES market.
This Guidehouse Insights report provides global forecasts for annual deployments of new UES projects in terms of power capacity (MW), energy capacity (MWh), and project deployment revenue. These forecasts are then segmented by global region, technology, and the application or services that the system provides. Additional insight is provided through forecasts for the top 10 largest country-level markets globally. All forecasts cover a 10-year period from 2020 - 2029.
Forecasts provided in this report have been revised from 2019 projections to account for new projects in the regional pipeline and expected disruptions from the coronavirus outbreak. Through 2020 we have seen varying impacts on the market's trajectory due to the pandemic. Some countries have seen significant decreases in new project activity, while others have largely continued their progress in developing new utility scale storage.