Unprecedented growth in the energy storage market, expected to reach 29,300 MW by 2027

“The energy storage for the grid and ancillary services (ESGAS) market has experienced unprecedented growth in certain countries, thanks to the availability of financing, favorable regulations and innovative business models.

The growth of energy storage is expected to continue following the increasing development of renewable generation. Many countries have recently seen significant growth in renewable generation, but energy storage has yet to take hold. This is expected to change in the coming years as energy storage system (ESS) prices continue to decline and project developers gain experience efficiently building, integrating, and monetizing ESSs alongside renewable plants.”

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