A recent research study has identified 2,092 energy storage projects globally. As global electricity grids embrace the new energy economy, energy storage is becoming a necessity in grid infrastructure.

This is according to a new report from Navigant Research which tracks global energy storage developments, providing a database of projects sorted by country, region, market segment, capacity, status, technology vendor, systems integrator, applications, funding, investment, and key milestones.

In recent years, the landscape for this technology has grown increasingly sophisticated, marked by new types of projects being monetised through innovative business models.

“Several new companies have entered the market across the energy storage value chain while legacy companies have sought to bolster their presence,” says Ricardo F. Rodriguez, research analyst at Navigant Research.

Adding that: “The growing need to modernise global electricity grids and the evolution of business cases for deploying storage are expected to ensure continued market growth.”

Several key factors continue to increase the global need for energy storage deployments, according to the report.

The restructuring of electricity markets will enable valuation of the flexible benefits of energy storage deployments, while variable generation sources such as solar PV and wind that are connected to power grids will require increased load balancing against demand. Areas with unstable grids and frequent outages will benefit from distributed energy storage systems (DESSs) and microgrids with storage, and load profiles are expected to play a critical role in the structure and operation of the power grid, which will influence the development of energy storage markets.

The report, Energy Storage Tracker 2Q19, provides a comprehensive resource of global energy storage projects. The Tracker includes a database of 2,092 projects and tracks the country, region, market segment, capacity, status, technology vendor, systems integrator, applications, funding, investment, and key milestones of each project. An Executive Summary of the report is available for free download on the Navigant Research website.