Rise of Energy Storage Hotspots Expected as Advances in Battery Technology Continues
- Falling costs and rising demand for renewable energy expected to create energy storage boom
- Non-renewable energy generating countries increasing investment in renewables and storage technologies
- Hotspots include India, South Africa, Mexico, Morocco, Uruguay and Chile
Major advances in battery technology are expected to create a host of important geographical ‘hotspots’ in the energy storage industry and give some non-renewable energy generating countries the impetus they need to start producing and storing greener energy.
As well as this, significant price decreases in renewable energy technology and rising demand for cheaper electricity will help incentivise those countries with frequent electricity shortages to increase investment in renewable energy.
Developing countries such as India, South Africa, Mexico, Morocco, Uruguay and Chile all dramatically increased their investment in the industry in 2015 and are expected to continue doing so over the next 2-5 years. This in turn could spark an energy storage boom as governments look at ways of harnessing the energy their countries produce so it can be used when demand for electricity is high.
These countries are joining big players such as the USA, Germany, Japan and China which are leading the way in renewable energy and particularly in the development of battery storage, which is essential to containing and redistributing previously generated energy.
Whilst some countries have inevitably taken the lead in energy storage, many others are likely to benefit from the technological advances, expertise and cost decreases established by the early adopters. For example, we already know batteries are taking on a bigger role in energy storage, especially as they increasingly make their way into homes and businesses. It is this technology we predict to be implemented the most in these developing countries.
According to GMT Research, the USA is viewed as the frontrunner in energy storage, having achieved growth of 243 per cent in 2015. We’re expecting other countries to quickly follow in America’s footsteps, creating a number of opportunities for companies hoping to become shareholders in the global storage energy industry.
For more information about this topic read our full White Paper on Renewable Energy and Distribution, or to find out more about Procorre and how the team can help boost your project’s chances of running to budget, schedule and quality please contact us today.