Regional Market Analysis and Forecasts

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In emerging markets around the world, there is only limited experience with energy storage, yet vast potentials exist to benefit from the technology.

Many of these markets share similar energy market dynamics and needs for new resources. Driven by growing urban populations, many emerging markets have a significant need for new electricity reserve capacity, particularly to meet peak demand. Many emerging market countries have a weak grid infrastructure that is susceptible to frequent outages and that has only limited capacity to effectively integrate local renewable energy resources. Furthermore many of these countries have not yet provided electricity service to portions of their population, providing an opportunity for microgrids equipped with energy storage to negate the need to expand centralized grid infrastructure to new areas. Energy storage is a valuable tool to support the needs of many emerging markets and using it can provide a reliable peak capacity resource, improve grid reliability, and facilitate the integration of renewable energy. Chart 3.1 provides forecasts for new energy storage capacity and revenue for each of the six major developing regions identified in this report. The development of distributed and local energy resources, including renewables and energy storage, can provide significant economic growth, jobs, and a sustainable energy future in emerging markets. Energy storage deployments in emerging markets worldwide are expected to grow by over 40 percent annually in the coming decade, resulting in approximately 80 GW of new storage capacity. The following sections explore energy storage market activity, challenges, and potential in emerging markets worldwide.

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