How will the market for distributed energy storage systems grow in the coming years?
Research Nester predicts that the worldwide distributed energy storage systems market will experience an annual growth rate of 9% between 2023 and 2035. The research suggests that by the conclusion of 2035, this market will generate revenues of USD 15 billion, which is a substantial increase compared to the approximately $5 billion it earned in 2022.
The DESS market is growing primarily because energy storage is becoming more important in solar and wind energy. DESS technologies will develop alongside the rapidly growing renewable energy market.
Increased energy use and more flexible networks
The International Energy Agency (IEA) reported that global electricity demand reached 1,000 TWh in 2021. Increasing worries about the environment and energy security have spurred the development of renewable energy sources. To address the intermittency of renewables, there’s a need for energy storage to support the energy system. Distributed energy storage systems are now widely used to balance loads and adjust the supply of renewable energy to meet peak demand.
Division into regions and segments
The Asian distributed energy storage systems market is projected to achieve the highest revenue by the end of 2035, driven by the energy demands of its rapidly growing industry. China, the world’s largest electricity consumer with 7.8 TWh in 2021, leads in this region.
In contrast, the European market for distributed energy storage systems is expected to exhibit the highest compound annual growth rate (CAGR) during the forecast period. This growth is attributed to the increasing importance of renewable energy and policies aimed at decarbonizing economies.
Regarding the utilization of DESS, the energy transport sector is anticipated to generate the most substantial revenues. The rising global energy consumption will drive growth in the long-distance energy transport segment. In 2019, North America imported around 76,290 GWh of electricity, while Europe imported 459,950 GWh, and Asia imported 77,860 GWh, according to the report.
What is DESS?
Distributed Electrical Energy Storage Systems (DESS) are systems designed for storing electrical energy and are typically deployed near energy sources or points of consumption. The primary objective of these systems is to enhance the efficiency and dependability of electricity provision while also promoting the growth of renewable energy sources (RES) and energy grids.
DESS energy storage can encompass a range of forms and technologies. Examples include hydrogen electrolyzers, supercapacitors, and conventional batteries that operate using chemical processes.
Source: finance.yahoo.com