In Short : By 2034, the worldwide power industry is expected to require an investment of $1.2 trillion in battery energy storage systems (BESS), according to Wood Mackenzie. Over 5,900 GW of additional wind and solar capacity are anticipated over the next ten years, and this investment is crucial to their support.
The strategic function of batteries that form grids
Grid-forming battery energy storage systems (GFM-BESS), a crucial technological advancement for consistently integrating renewable energy, lie at the heart of this change. In contrast to traditional grid-following storage, GFM systems actively control frequency and voltage to support power system stabilization. Given that over 80% of new capacity increases are anticipated to come from renewable sources and that the world’s power demand is predicted to increase by 55% by 2034, this capability is becoming more and more important.
Impact and Significance of Clean Energy
The scalable and steady deployment of wind and solar power is made possible by this investment, which is essential to speeding up the shift to renewable energy. Intermittent renewable sources cannot fully integrate into the grid without the required storage backbone. Reaching this $1.2 trillion battery storage target is essential to guaranteeing energy security, grid dependability, and significant carbon emission reductions across power systems globally.
