For addressing the energy needs of a thriving population, the APAC region stands to gain immensely from the adoption of Energy Storage Systems.
Enhancing APAC’s power storage and transmission capacity, the Grid-Scale Energy Storage System Market is expected to post an impressive CAGR of 37.4 percent from 2015-2019.
A Promising Market for Energy Storage Systems
The APAC region is due to witness the largest growth with the majority of developments in energy storage coming from China, Japan, South Korea, Indonesia, and India.
Many APAC countries are investing in power grid capacitors and CAES while governments in various countries, especially China, are investing in electric vehicle infrastructure.
As a result, the Electric Vehicle Infrastructure market is witnessing partnerships between key market players, thus highlighting the need for energy storage technologies.
What Drives the Popularity of Grid-Scale Energy Storage?
Its adoption is expected to cut down on the decades taken for power utilities to expand their grid infrastructure.
Grid storage devices help power utilities by removing the time lag between energy generation and consumption. For instance, a wind farm generates most of its electricity at night when wind velocities are usually higher. However, demand for electricity is minimal at night. Thus, the generated power is wasted.
The fossil fuel plants’ inability to operate in residential areas and its long construction cycle increases cost implications.
Governments in various countries in the APAC region are providing grants and formulating favorable policies for the Smart Grid industry.
New business models that provide reliable and continuous flow of power through Energy Storage Systems are the need of the hour.
Achieving Power Decentralization Using Renewable Energy
Decentralization of power generation using various sources of renewable energy is a future based model.
For renewable energy to be implemented, it becomes necessary to part ways with centralized energy techniques.
Grid Scale Energy Storage finds a definite utility in doing so as it can seamlessly integrate with plants supplying renewable energy in residential areas.
Thus, it is also possible to minimize power losses incurred by making them available within residential areas.
