The world over, only 10 countries are predicted will account for 80% of the global market for utility-scale energy storage systems market between 2019 and 2028.
According to Navigant Research, the 10 countries are the US, France, Germany, the UK, Australia, China, India, Japan, South Korea, and Brazil.
The global market for utility-scale energy storage systems is expected to increase to 1,242.1MW of new capacity.
According to the research firm, the emergence of new markets and applications is driving the utility-scale energy storage market.
Research indicates that 2018 represented the largest year on record for new energy storage systems.
The market remains concentrated in a relatively small number of countries and driving the increase in adoption in these countries are favourable policies, market structures and regulations and renewable energy deployments.
Solar plus storage has emerged as a major opportunity and driver of new growth for the energy storage industry.
The shorter duration grid stability applications remain the foundation for many emerging markets.
Navigant Research states frequency regulation and related services are the starting point for most countries seeing a growing energy storage industry.
New projects are focusing on longer duration bulk storage services such as renewable energy shifting and transmission and distribution asset optimisation.
Alex Eller, a senior research analyst with Navigant, said: “In terms of applications for new utility-scale energy storage projects, solar plus storage has emerged as a major opportunity and driver of new growth.
“The rapidly falling costs for both technologies have made combined solar plus storage plants economically competitive against conventional fossil fuel plants in a growing number of markets, which allows a solar plant to be a predictable resource for grid operators.”