Battery energy storage systems to exceed 14GW by 2020
Analysis by GlobalData has suggested that the global capacity of battery energy storage systems (BESS) will grow from 1.5GW to 14GW by the end of the decade. The research, released on Tuesday 23 August, said that large numbers of projects were due to be commissioned over the next few years owing to increasing renewables installations and a focus on grid stability. The US is expected to continue to lead the BESS market, reaching a market value of approximately $1.7bn by 2020. The report said that technological innovation, improvements in manufacturing processes, and growing competitiveness had driven down BESS prices.