While the aforementioned research primarily examines the microeconomic perspective, focusing on the application of specific energy storage (ES) technologies, there is also a body of literature that analyzes the macro-level impact of ES in regional power systems. The assessment of economic system effects often centers around cost reduction.
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.
For instance, Johnson et al. evaluated the economic impacts of three energy storage technologies, namely Lithium-ion batteries, flywheels, and compressed air energy storage, using total cost of generation reductions to gauge the system value of each technology within a high-penetration renewable energy system.
Després et al. , for example, developed an electricity module incorporating storage in power systems with high penetration of variable renewable energy (VRE) and found that VRE integration is facilitated by storage, leading to reduced integration costs, curtailed surplus energy, and lower CO2 emissions.
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The global outdoor energy storage power market size was estimated at approximately USD 2.5 billion in 2023 and is projected to reach USD 10.7 billion by 2032, growing at a CAGR of 17.4% …
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This model is used to assess the economic and environmental feasibility of two energy storage technologies in China during 2017–2060. The results indicate that the …
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outdoor energy storage power Market Size was estimated at 3.84 (USD Billion) in 2023. The Outdoor Energy Storage Power Market Industry is expected to grow from 4.52 (USD Billion) in …
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