New trends in international energy storage in 2024
The energy storage market in 2024 is a moment full of prospects and challenges. As global demand for renewable energy and clean technologies continues to grow, the role of energy storage technology has become increasingly prominent. In this new year, the energy storage market is expected to show hot development trends in multiple directions, leading a new wave of energy transformation.
Key drivers for the energy transition
First, as global demand for renewable energy continues to grow, energy storage technology will become key to achieving the energy transition. Due to the instability of renewable energy, energy storage systems can help balance energy supply and demand and improve the utilization of renewable energy. Therefore, the energy storage market in 2024 is expected to continue to develop in terms of renewable energy integration, especially in the solar and wind energy sectors.
Widely used in electric vehicle market
With the rapid growth of the electric vehicle market, the application of energy storage technology in electric vehicle charging infrastructure will also receive attention. Energy storage systems can help improve charging efficiency, smooth load peaks, and provide additional power support during peak charging demand periods. This will promote the integration and development of energy storage technology between charging stations and electric vehicles, and promote the popularization of electric vehicles.
In fact, as early as 2020, Tesla took the lead in putting into operation its first 15 MWh battery energy storage project in southern England. Following closely, similar battery energy storage systems have been adopted in highway service areas in Europe and the United States. In East Asia, Malaysia opened and operated its first domestic battery energy storage system in 2023. These all indicate the gradual popularity and promotion of battery energy storage systems around the world.
Expanded by the influence of policy support and market demand
The energy storage market in 2024 may also be affected by policy support and market demand. As the global pursuit of renewable energy and clean technologies continues to increase, governments will continue to introduce policies and regulations that support the development of renewable energy and energy storage technologies.
These policy measures include financial subsidies, tax incentives, energy standards and emission restrictions, etc., which will provide a more stable policy environment and market opportunities for the energy storage market. Especially in response to challenges such as climate change and energy security, the government will increase its support for energy storage technology and promote its wider application in energy transformation.
At the same time, growing energy demand and carbon emission pressure will also promote the widespread application of energy storage technology. As global energy demand continues to increase and carbon emission restrictions become increasingly stringent, energy storage technology is regarded as one of the effective means to reduce energy consumption and carbon emissions.
Through the energy storage and release of the energy storage system, the supply and demand of the power system can be balanced, energy utilization efficiency can be improved, and dependence on traditional fossil energy can be reduced, thereby reducing carbon emissions and environmental pollution. This growth in market demand will promote the development of the energy storage market in a healthier and sustainable direction, providing important support and guarantee for the global energy transformation.
Smart Grid Optimization Engine
As the energy market gradually develops toward decentralization and intelligence, energy storage technology will play an increasingly important role in smart grids. Energy storage systems can provide flexible power dispatch and load management, help the power system cope with fluctuating energy supply and demand, and improve the reliability and stability of the power grid. Therefore, energy storage technology is expected to become a core component of smart grids and promote the transformation and upgrading of energy systems.
However, one of the high-profile aspects of the energy storage industry is its lack of predictability, which makes 2024 of special importance for the industry. No matter what changes occur in the future, they will have a significant impact on the energy storage industry. This uncertainty also adds more expectations and challenges to the development of the energy storage industry.
