Overseas Energy Storage Development: Key Trends Shaping
With solar panels multiplying like mushrooms after rain, the overseas energy storage development sector has become the new gold rush for smart investors and energy giants alike.
Mainland China accounts for most of the global energy storage demand, driven in the near term by regional requirements for new utility-scale wind and solar projects to include energy storage capacity. However, the Chinese market is entering an era of change.
New support schemes are also emerging across Europe, Australia, Japan, South Korea and Latin America. Falling energy storage costs, as seen in China, will be key to support more economic deployments globally.
Globally, energy storage project development is increasingly driven by the utility-scale segment, with mandates and targeted auctions driving gigawatt-hour projects in markets like China, Saudi Arabia, South Africa, Australia and Chile.
Much of the growth in energy storage investment is being driven by mandates and targeted subsidies, ranging from solar and wind co-location mandates in China, to the Inflation Reduction Act and state-level policies in the US. New support schemes are also emerging across Europe, Australia, Japan, South Korea and Latin America.
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