According to the International Energy Agency (IEA), the global energy storage market increased threefold in one year.
It was 33 Gigawatts per hour (GWh) /17 GW in 2022, and was more than 100 GWh/42 GW in 2023.
The trend of capacity growth in Battery Energy Storage Systems, or BESS, is expected to continue in 2024.
Growth is attributed to various factors, such as an increase of non-programmable renewable sources, such as solar, wind, geothermal and hydro.
Another factor, is due to lower costs per kW, due to falling lithium, cobalt and nickel prices, and the fact that production is now exceeding demand.
This year is expected to reach record high levels.
According to a research body owned by the Chinese government, China will achieve its 2023 renewable targets six years ahead of previous predictions.
Renewable power developer ACWA Power will receive up to USD $229.4m from the European Bank for Reconstruction and Development (EBRD) to fund a 200MW/500MW solar and storage project in Uzbekistan.
Picture: Scatec & BYD