Lithium ion batteries will be the fastest growing energy storage technology, with annual growth expected to reach more than 28 GW by 2028. The technology is expected to account for 85% of newly installed energy storage capacity, according to analysis by Navigant Research.
A new report from Navigant Research provides a database of global energy storage projects along with a regional analysis of technology choice, capacity, and market share for deployed projects and projects in the pipeline.
Regulatory policy, government incentives, deployment mandates, grid modernization programs, and declining technology costs created market conditions in which hundreds of energy storage projects were deployed around the world between 2018 and 2019. In this growing market, Lithium ion (Li-ion) batteries have maintained a prominent place in the transformation of the power grid.
“Although pumped hydro storage (PHS) still accounts for 96% of installed energy storage capacity worldwide, Li-ion is the choice technology among project developers and system integrators,” says Ricardo F. Rodriguez, research analyst with Navigant Research. “The technology is expected to account for 85% of newly installed energy capacity.”
In addition to the growth of Li-ion, three types of storage projects typified deployments across the globe in 4Q 2019. According to the report, these include commercial and industrial applications located behind-the-meter (BTM), utility-scale battery storage projects that replace gas peaker plants, and utility-scale storage projects co-located at large solar PV or wind generation facilities.
The report, Energy Storage Tracker 4Q19, provides a comprehensive resource of global energy storage projects. The Tracker includes a database of 2,169 projects (encompassing at least 64,664 individual systems) and tracks the country, region, market segment, capacity, status, technology vendor, systems integrator, applications, funding, investment, and key milestones of each project.
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