BOULDER, Colorado – (COMMERCIAL THREAD) – A new report from Guidehouse Insights provides global forecasts for annual deployments of new large-scale renewables as well as storage projects in terms of electrical capacity (megawatts) and energy capacity (megawatt hours) by region and technology up to ‘in 2030.
Intermittent renewable energy production technologies such as solar PV and wind have exploded to capture a record share of global electricity production. Physically pairing individual storage with renewable facilities offers several advantages, including capital cost savings, the use of the Federal Investment Tax Credit (when paired with solar power), and the ability to to share interconnection and transport capacity. According to a new report from Guidehouse Insights, the North American market is expected to remain the world’s largest market for renewables and storage until 2024, with new projects notably in solar storage plus.
“As renewables continue to be deployed at a record pace and the costs of battery systems continue to decline, stakeholders are increasingly interested in the deployment of hybrid renewable energy and storage projects.” , says Ricardo Rodriguez, research analyst at Guidehouse Insights. “To fully establish Storage Plus in the energy resource market as a clean and competitive solution in terms of capacity, flexibility, reliability and other ancillary services, utilities need to show leadership in developing the business case for storage plus. ”
However, storage and resources pose new technical challenges that must be addressed to improve participation in the energy, ancillary products and capacity markets while clarifying the associated implications in terms of market efficiency and reliability. . Market obstacles include challenges in the areas of forecasting, market mitigation, planning software, capacity accreditation, supply parameters, interconnection, and resource planning.
The report, Hybrid renewable and storage power plants, provides global forecasts for annual large-scale new renewable energy deployments as well as storage projects in terms of electrical capacity (megawatts) and energy capacity (megawatt hours). These forecasts are segmented by region and technology. Additional information is provided by the Technology Price Predictions which are included in this report. All forecasts cover a 10-year period from 2021 to 2030. The forecasts provided in this report have been revised from the 2020 projections to take into account new projects in the regional pipeline and expected disruptions from the coronavirus pandemic. A summary of the report is available for free download from the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the market intelligence arm of Guidehouse, provides research, data and benchmarking services for today’s rapidly changing and highly regulated industries. Our knowledge is based on an in-depth analysis of the global cleantech markets. The team’s research methodology combines supply-side industry analysis, primary end-user research, and demand assessment, coupled with in-depth examination of technology trends, to provide insight complements emerging resilient infrastructure systems. Additional information about Guidehouse Insights is available at www.guidehouseinsights.com.
Guidehouse is one of the world’s leading providers of public and commercial procurement advisory services with extensive management, technology and risk advisory capabilities. We help our clients meet their toughest challenges and overcome significant regulatory pressures with a focus on transformational change, business resilience and technological innovation. Through a range of consulting, consulting, outsourcing and digital services, we create scalable and innovative solutions that prepare our clients for future growth and success. The company has more than 10,000 professionals in more than 50 sites around the world. Guidehouse is a portfolio company of Veritas Capital, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets and agenda issues that drive national and global economies. For more information, please visit: www.guidehouse.com.
* The information contained in this press release concerning the report, Hybrid renewable and storage power plants, is a summary and reflects Guidehouse Insights current expectations based on market data and trend analysis. Market forecasts and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or report. Please refer to the full report for a full understanding of the assumptions underlying the report findings and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse makes any commitment to update the information contained in this press release or the report.