The global battery storage market is set ‘to be worth more than $13bn by 2023’ according to data and analytics experts GlobalData as the sector is anticipated to grow by 7% globally over the next four years.
GlobalData suggests Asia-Pacific, Europe, the Middle East and Africa, will be the dominant markets in these four years and expects falling technology prices – alongside the increasing pace of development - to be the driving factors of this growth. They note lithium-ion batteries will continue to be the preferred technology type.
The Asia-Pacific region is predicted to continue as the largest market (it accounted for 45% of the global market installed capacity in 2018) and will reach a staggering total value of $6 billion (£4.6bn) in 2023.
The EMEA battery energy storage sector was next in line with 26% of the global market in 2018. This too is expected to grow as a result of strong demand for flexibility. The US market is also predicted to hit nearly $3 billion (£2.8bn) in 2023, giving it almost a quarter of all global activity.
Bhavana Sri, Power Analyst for GlobalData, stated: “As the power sector evolves to accommodate new technologies and adapt to varying market trends, energy storage will play a central role in the transition and transformation of the power sector.”
This is great news for Energy professionals looking to make their name in the Energy market. With more investment, and growth in the sector, there will be more opportunities for career progression across many different markets.
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