Renewable power generation has been central to decarbonization initiatives by governments and the commercial and industrial (C&I) sector. Energy storage solutions address the challenges posed by renewable power sources, including intermittency, thereby accelerating the deployment of renewables, which have rightfully gained substantial investments in recent years. Pumped hydro storage, which has dominated long-duration energy storage for more than a century, is now being challenged by other new and promising low-cost, high-efficiency technologies, each with unique benefits for end users.
Forecasts are based on energy storage targets that governments aim to achieve by 2030 to meet their climate change targets; announced projects (where available); and Frost & Sullivan’s assessment of the growth potential of energy technologies.
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