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ARTICLE · 30 JULY 2024

The Developing BESS Market 2024

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Battery energy storage systems (BESS) are crucial for grid reliability and supporting a low-carbon economy. Investment in BESS surged to over $5 billion in 2022, with projections of a $120-$150 billion market by 2030. Operators should reassess asset valuations to avoid overinsurance due to decreasing costs. Supply chain delays, particularly in the UK, highlight the need for experienced contractors.

United KingdomEnergy and Natural Resources
Chris Ketley
Chris Ketley

WTW Renewable Energy Market Review 2024

In this article from the 2024 Renewable Energy Market Review we examine the state of the market for BESS this year and beyond.

Battery energy storage systems (BESS) are playing an increasingly integral role in the transition to a lower-carbon global economy. Here, we examine the state of the market for BESS this year and beyond.

The importance of BESS

BESS enables the storage of excess variable energy generation, enhancing the grid's capacity and reliability. BESS are able to store excess energy produced in periods of low demand, which can be discharged into the grid during periods of high demand. BESS operators can therefore receive financial returns for meeting surging energy needs.

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