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Energy storage system market to register robust growth
EPR Magazine (Electrical & Power Review)
|August 2024
BESS solutions support grid stabilisation and peak load management, reducing carbon emissions due to technological advancements and increasing demand for renewable energy.
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The battery energy storage system (BESS) sector is enhancing the sustainability and reliability of power grids. It is expanding due to advancements in battery technology, favourable regulations, and reduced costs, indicating a shift in energy storage dynamics and highlighting the importance of renewable energy. According to a recent report published by Allied Market Research, the battery energy storage system market is predicted to register a notable CAGR of 20.1 per cent during the forecast period.
Boost in battery energy storage systems
The global shift towards low-carbon energy generation has significantly boosted the battery energy storage industry, with increased residential, non-residential, and utility investments. Key technologies include solid-state batteries, flow batteries, thermal energy storage systems, and pumped hydroelectric storage.
This story is from the August 2024 edition of EPR Magazine (Electrical & Power Review).
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