How is China’s Distributed Energy Storage System Market Evolving?
Energy storage systems are a promising solution for a range of problems. These include power quality management, load balancing, and outage management. Energy storage systems are broadly divided into three types: utility-scale, customer-sited, and residential. The first two types have become the predominant methods for energy storage in the energy sector, with residential systems emerging as the most promising solution for short-term requirements.
With the rise of renewable power, there is a greater need for distributed energy storage systems. According to the International Renewable Energy Agency, by 2021, the number of renewable energy installations will reach 3.1 TW. Of this, 0.8 TW will be from wind energy. In the future, the demand for energy storage is expected to grow threefold. This demand will drive the demand for distributed energy storage systems.
With a growing number of renewable energy projects, the market for distributed energy storage systems will increase. The global market for Distributed Energy Storage Systems was worth US$ 4.2 billion in 2022, and is predicted to reach US$ 10.6 billion by 2032. These systems can offer a range of benefits to customers, including peak shaving and power quality improvements. In addition, the market is expected to grow by almost 85% in North America according to EPRI.
The International Renewable Energy Agency (IRENA) is an intergovernmental organization mandated to facilitate cooperation, advance knowledge, and promote the adoption and sustainable use of renewable energy. It is the first international organisation to focus exclusively on renewable energy, addressing needs in both industrialised and developing countries.
DESS has many advantages over traditional RMG. For instance, a DESS consists of a fixed-capacity battery and a bidirectional inverter. It has a maximum SOC of Sb,max,max, and a minimum Sb,min. Assuming the installation of ECESS is feasible and the installation is affordable, it can help to reduce the overall cost of electricity.
In order to balance the demands and supply of power on a grid, distributed energy storage systems are needed. They help balance power generation and demand across the grid, reducing costs and improving security. These systems can be used as stand-alone or in combination with other resources.