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Batteries take bigger role in energy market

Posted: 08 Jun 2015 ?? ?Print Version ?Bookmark and Share

Keywords:power management? smart city? smart grid? renewable energy?

The power management market goes through an upbeat change with the decreasing cost of renewable energy systems and the rise of smart cities. According to analysts, the resulting decentralisation of electricity sources needs new business models and power management solutions in order to drive the multi-billion dollar market.

Using battery storage can decrease the cost of load shifting, stabilise the frequency of a power grid over the course of a day and add power to existing systems, Yole analysts wrote in a paper titled "Energy Management for Smart Grid, Cities and Buildings: Opportunities for Battery Electricity Storage Solutions." Access to clean energy, CO2 emission reduction and energy independence are among the many benefits of shirking traditional modes of consuming power, the paper said.

As traditional business models based on centralised energy sources become obsolete, the market for energy storage systems will surpass $13.5 billion by 2023, analysts said.

"The growing market share of intermittent renewable energies (wind, photovoltaics) in electricity generation reveals a strong interest in stationary battery energy storage systems," Yole Senior Analyst Milan Rosina said in a release. "Recent cases in China, Japan and some European countries have shown that the further deployment of renewable energy sources in many areas of the world will require electricity grid upgrades, larger deployment of suitable energy storage systems and development of suitable energy management solutions."

Stationary battery market

Yole Developpment expects the stationary battery market to reach nearly $14 million by 2023. (Source: Yole)

Yole's paper pointed to batteries as particularly attractive energy storage systems in buildings that have both solar and traditional electricity sources. Excess photovoltaic electricity can be stored in batteries and cheap energy can be drawn from the sun or the battery during the day when electricity rates are high; grid power can be used at night when overnight rates are lower. Excess locally generated electricity can also be sold to the utility.

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