Since the invention of electricity there is always a challenge to store it for future use. With the technological advancement, battery storage has offered a way to store energy chemically-especially renewable energy, so that it can be used at the point of demand or to balance grid. Amid surge in solar and wind power generation and their intermittent nature, the battery storage demand has increased manifold, and now batteries are big enough to give power backup to mega cities.
As the renewable energy share rises in the energy mix, there is an increased focus on energy storage projects in recent years. They are expected to play a key in the global transition to renewable energy.
In a report by GlobalData estimated the installed capacity of global battery energy storage system (BESS) from 1.5 Gigawatts (GW) in 2015 to over 14 GW by 2020, as many projects are scheduled to be commissioned over the period.
The report projected the US to continue to lead the BESS market over the next five years, reaching a market value of approximately $1.7bn by 2020.
BESS prices are also forecast to decline by about 50% over the 2015 to 2020 period, due to technological innovations, improvement in manufacturing processes, and increase in competitiveness