Will 2024 be a good year for battery energy storage?

Among many things, 2024 will probably remain a marker for the momentum it built up for Battery Energy Storage Systems (BESS). So sharp has been the pick up here that even countries like the UK which had special focus on Pumped Hydro Storage (PSP) have changed rules in recent weeks to allow BESS projects to fill key energy storage needs.

Are batteries the future of energy storage?

Thanks to this symbiotic relationship, the International Energy Agency (IEA) notes that of the sixfold expected energy storage capacity increase by 2030 worldwide, batteries will share 90 percent of the growth owing to exponential expansion by the end of the decade.

Do battery storage systems need standardized and transparent health management methods?

Despite their potential, the industry currently lacks standardized and transparent methods for effective health management of LIBs in battery storage systems (BSSs), leaving consumers uncertain about the long-term performance, remaining service life, operational safety, and reliability of their storage systems.

What factors affect battery storage deployment?

Battery storage deployment in each zone will be influenced by a complex set of factors, including the availability of storage capacity credit, the capital costs for battery storage compared to other technologies, regional policies, demand growth, potential for imports and exports to nearby zones, and PV and wind generation.

How much battery storage is needed to achieve energy transition goals?

In fact, at least 1200 GW of battery storage capacity will be needed if the world wants to achieve 2030 energy transition goals. While Pumped storage hydropower (PSH) is a traditional storage method that accounts for a majority of global storage still, it faces challenges which make alternative storage solutions a more attractive option.

Are lithium-ion batteries a good investment?

Due to their declining costs and wide applicability, lithium-ion (Li-ion) batteries are one of the fastest-growing grid energy storage technologies. However, their investment costs are still relatively high and therefore adequate sizing and control strategies are required to maximize battery life and energy throughput.