The market for battery energy storage is estimated to grow to $10.84bn in 2026. Several factors could contribute to such growth; primarily, the fall in battery technology prices and the increasing need for grid stability and resilience of the integration of renewable power in the power market. Over the last decade, various new digital and smart technologies have been integrated with countries aggressively promoting the modernization of grids and enhancing the grids’ capability to meet the requirements of the present and future. As part of the effort, batteries are being deployed to aid smart grids, integrate renewables, create responsive electricity markets, provide ancillary services, and enhance both system resilience and energy self-sufficiency.
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