Batteries Charge for Energy Role
SAN FRANCISCO – The rise of smart cities and the decreasing cost of renewable energy systems is rapidly changing the power management market. The resulting decentralization of electricity sources requires new power management solutions and business models, which will drive a multi-billion dollar market in the next 10 years, market watchers said.
Using battery storage can decrease the cost of load shifting, stabilize the frequency of a power grid over the course of a day, and add power to existing systems, Yole analysts wrote in a paper titled “Energy Management for Smart Grid, Cities and Buildings: Opportunities for Battery Electricity Storage Solutions.” Access to clean energy, CO2 emission reduction, and energy independence are among the many benefits of shirking traditional modes of consuming power, the paper said.
As traditional business models based on centralized energy sources become obsolete, the market for energy storage systems will surpass $13.5 billion by 2023, analysts said.