Grid Scale Battery Storage Market Forecast 2014-2024

Grid Scale Battery Storage MarketGrid Scale Battery Storage Market Forecast 2014-2024 PR Newswire LONDON, March 27, 2014 Prospects for Energy Storage Technologies (EST) Companies The grid scale battery storage market is largely an emerging one, especially when compared to other energy storage systems. Most grid scale batteries are either too expensive or not yet fully tested and understood in a real-life environment - or both. However, pressed by high and rising renewable energy capacity brought online, an increasing number of governments around the world are considering adopting new regulation favouring the commissioning of grid scale storage systems, such as capacity payment mechanisms or mandatory targets for the installation of new storage capacity. Meanwhile, research, development and demonstration efforts are consistent, as utilities and governments hope to be the first movers in one of the most promising markets in the energy industry. In addition to this, production costs, and eventually market prices, of grid scale batteries are slowly but constantly declining thanks to continuous technological improvements. Just as decisively, a wealth of performance data are becoming available each year as pilot projects are completed around the world, providing the market with key information on the reliability of different battery technologies. A further boost for the sector can come from the rise of the electric vehicle market.