ENERGY BATTERY STORAGE
WHY BATTERY ENERGY STORAGE IS KEY TO A CLEAN ENERGY FUTURE
Battery Energy Storage Systems (BESS) are transforming the renewable energy landscape, addressing critical challenges i}À`Ài>LÌÞ]«ÀViÛ>ÌÌÞ]>`iiÀ}ÞivwViVÞ°ƂÃ investment and innovation in BESS surge, this game-changing technology is emerging as the cornerstone of a sustainable energy future, enabling a seamless transition away from fossil fuels while maximising the potential of renewables, says Shawn Shi ]6Vi*ÀiÃ`iÌv-Õ}ÀÜ*6°
A t COP29, the move to renewable energy was described as “unstoppable”. Over the last few years, this view has become more widely accepted in many developed and developing nations. Rightly so: renewable energy has proved itself to be a cost-effective, practical alternative to fossil fuels, innovation is rapidly improving, and investment is surging. So, the transition to renewables is certain, but what’s the next step to further accelerate this process? Now, renewables account for 30% of the global power mix as of 2023, and the industry is ready to get even more out of green energy and find suitable technologies to cope with a number of challenges, such as reliability, grid stability, safety and economic feasibility. It is within this
environment that the technology underlying renewable energy infrastructure must prove its potential. Enter battery energy storage systems, known as BESS. This transformative technology - the fastest growing energy technology on the market - stores electricity in batteries for later use, and can address all these challenges – and that’s without mentioning its compound effect on renewable integration more broadly (more on that later). So, what’s the current state of the BESS market? In short, it’s booming. The global energy storage market almost tripled in 2023, and by 2034, the global BESS market is expected to grow at a compound annual growth rate (CAGR) of 26.92%.
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THE FUTURE OF ENERGY
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