Energy storage technology has grown in popularity across the world, as governments and companies invest in these systems in order to diversify their electrical services.
According to the US Department of Energy, this technology has recorded a substantial increase in recent years, with 3.55 gigawatts currently being installed globally. This reflects 599 different projects with each aiming to complement existing energy solutions with the capacity to store energy for future use.
Just one of these is the University of Queensland at Gatton project in Australia which will equip the university campus with solar panels, coupled with battery storage technology.
The survey also highlighted that different storage systems have become far more popular in recent years. Electro-chemical storage technologies like specially designed batteries have become mainstream technology for storing electricity since the turn of the millennium.
What’s more, the Department of Energy found these electro-chemical systems are responsible for the majority of new storage projects tracked in the research, adding to their use across the world.
Support technology expected to see exponential growth
Just as the demand for battery systems has increased, the range of applications on offer has also grown. That’s according to Navigant Research, which has recently published data on the expected uptake of energy storage enabling technologies (ESET) required to support a solar array.
The research suggested that the support technology would grow substantially, from an estimated US$605 million in 2015 up to more than US$21 billion by 2024.
According to the study, the range of services is going to be fairly evenly split across three different forms of supporting technology – software and controls, power conversion technology and system integration services.
Although all three of these are going to see considerable growth, integration solutions have been picked as the area that will see the largest expansion over the next nine years.
Anissa Dehamna, principal research analyst with Navigant Research, emphasised that the growth of these systems was largely down to the increasing demand for battery technology and subsequent investment in these systems.
“Now that battery prices have responded to cost pressures, the associated technologies – i.e., the ESET portion of system cost – are starting to follow suit,” she said.
For more on how battery storage solutions are adding greater depth to the performance of solar arrays, make sure to contact the industry experts at MPower. They have the expertise necessary to provide battery storage and accompanying technology to support an installation of any size.