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Increasing electricity costs and grid demand charges, declining feed-in tariffs, and declining technology and projects costs all mean that energy storage is becoming a much more attractive proposition for consumers from household to heavy industry. The market has enjoyed high growth rates since 2015, but the volume of installations is still only a fraction of the true market potential. The next decade is likely to pivotal in the development of the market. Approximately $700 billion is forecast to be invested in decentralized solar PV in the decade and an increasing share of that will be combined with a battery energy storage system to maximize revenue potential and energy cost savings. The battery energy storage market is segmented into three main areas: residential, commercial & industrial, and grid. Project sizes and values can vary significantly in the commercial & industrial and grid spaces, depending on the volume of storage required and for what time period. Each project needs to be thoroughly assessed to ensure the solution is right-sized for customer needs; otherwise, the actual return on investment will not match the projection.In common with most of the rest of the global economy, the energy industry is already feeling the impact of the COVID-19 pandemic. This situation continues to develop, but it is clear that investment in the industry will be affected, with some projects delayed and some cancelled outright as governments, industries, and utilities reprioritize where to focus investment. The battery energy storage market was poised for a period of sustained growth, but it is unlikely to emerge totally unscathed. Market growth now is forecast to decline for 2020, and the pace of the recovery will depend how quickly the COVID-19 crisis is resolved. This insight offers two market scenarios beyond the base forecasts: a positive scenario, which still foresees a drop in market volumes in 2020, and a more conservative scenario that envisions a longer-term market recovery. The fundamentals of the market remain strong, and the downturn has the potential to act as a long-term driver for further innovation in the industry, as was the case for solar PV in the global financial crisis of 2008-09. This short insight covers the battery energy storage market, with a base year of 2019 and a forecast period from 2020 to 2025. Market forecasts are in MW of annual installed capacity. Frost & Sullivan intends to produce a fuller report on the space later in 2020.Author: Jonathan Robinson
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