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.
This does not augur well for the market in terms of long-term competition. There will be safety risks associated with excessive cost control and an indifference to quality. Independent energy storage stations enjoy good long-term prospects, though this segment is sluggish in the short term.
The energy storage industry is going through a critical period of transition from the early commercial stage to development on a large scale. Whether it can thrive in the next stage depends on its economics.
They are also strategically important for international competition. KPMG China and the Electric Transportation & Energy Storage Association of the China Electricity Council (‘CEC’) released the New Energy Storage Technologies Empower Energy Transition report at the 2023 China International Energy Storage Conference.
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