Battery Storage
As the world battles with the coronavirus pandemic, one thing is beginning to be clear.
The global economy will likely deal with the aftermath of this whole ordeal even after the crisis has been solved and things have returned to the next normal.
It is true that many sectors of the industry are beginning to feel the full impact of the outbreak, and the energy battery storage business is no exception to this rule.
Since the start of the lockdown periods across the globe, the industry has faced several issues with accessing sites and getting permissions amidst the stay-at-home orders, ultimately affecting the business activities for the entire year.
Despite these struggles, analysts suggest that compare to 2019, there will be a clear year-to-year growth in the total energy and battery storage market for 2020.
Overall, energy storage will likely continue and will even experience a growth acceleration when given suitable economic stimulus programs.
But to fully grasp the implications of the outbreak for the longer term, we need to assess the pandemic’s impact on the fundamental drivers of the energy storage market.
The aftermath of the new normal in the industry are the demand for services with energy storage solutions, the competitiveness of energy storage solutions compared to non-storage options, and the reform of regulatory and market frameworks to make the most out of energy storage solutions.
As revealed, these three fundamental energy battery storage market drivers will not likely be affected by COVID-19 in the long run.
The demand for flexibility in the power systems and the continued build-out of renewable energy will keep energy storage alive.
Cost competitiveness will also improve further thanks to the ongoing increase in cell manufacturing capacities.
In addition, the reform of regulatory and market frameworks will also speed up during the height of the pandemic as economic recovery programs begin to focus on “green” solutions moving forward.
Click below to read the magazine
Click here to download the magazine
