Applications: Battery Energy Storage Systems (BESS)
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Sources and links on page 144 (8)
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- https://www.energy-storage.news/global-bess-deployments-soared-53-in-2024/
- https://about.bnef.com/blog/global-energy-storage-market-set-to-hit-one-terawatt-hour-by-2030/
- https://www.woodmac.com/news/opinion/tracking-the-trajectory-of-the-global-energy-storage-market/#:~:text=Global%20energy%20storage%20deployment%20surged,grow%2027%2Dfold%20by%202030.
- https://www.woodmac.com/news/opinion/the-growth-and-growth-of-the-global-energy-storage-market/
- https://about.bnef.com/blog/1h-2023-energy-storage-market-outlook/
- https://about.bnef.com/blog/global-energy-storage-market-records-biggest-jump-yet/
- https://about.bnef.com/blog/headwinds-in-largest-energy-storage-markets-wont-deter-growth/
- https://rhomotion.com/
Text on page 144
Average Project Duration Continues To Rise AVERAGE BESS DURATION (HOURS) BY REGION1
GLOBAL AVERAGE PROJECT DURATION (HOURS)2
Storage duration is defined as the time to discharge a battery’s rated energy at its rated power - C-Rate is the inverse of duration Average duration of BESS Projects has increased 33% from 1.8 hours in 2020 to 2.4 hours in 2024 This is driven primarily by the shift from NMC to LFP chemistry, as well the declining cost of energy storage on per-kWh-basis, as based on growing use cases and markets that favor longer duration with derating factors
Sources: [1] Rho Motion as discussed in Energy Storage News; [2] Compiled by PowerSwitch, based on publicly available data from BNEF and Wood Mackenzie: 2020 (Cumulative), 2020, 2021, 2022, 2023, 2024
Extracted from the PDF; charts and images may read imperfectly.
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