Battery storage and PV are growing much faster than forecast New DNV Report

As the renewable energy sector continues to expand, addressing challenges like intermittency and energy storage becomes critical to achieving a sustainable future. Learn how long-duration energy storage solutions are essential tools for stabilizing power grids and meeting growing energy demands in GreenPowerMonitor, A DNV Company's latest article.

Highlights

·         How Battery Energy Storage Systems (BESS), play a vital role in balancing energy supply and demand to stabilize power grids.

·         How to overcome the challenges of battery energy storage systems.

·         The expected future of energy storage technologies.

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When it comes to solar and PV panel efficiency, solar intermittency presents a major challenge. The sun is not visible for 24 hours per day aside from at certain times of year at specific latitudes. As a result, utilities cannot depend solely on solar power to supply electricity to their customers. While daylight energy can still be used on cloudy days, the electricity produced naturally varies throughout the day and across different seasons. Wind energy at the same time presents challenges because it relies on wind availability, which can be intermittent and unpredictable.  

Large-scale energy storage solutions are a relatively recent development in the renewable energy space. Unlike wind turbines or solar panels, which are visually noticeable, energy storage systems (such as battery farms) are often less visible and don’t get the same attention. Many conversations about the renewable energy industry focus on energy generation (such as solar and wind power), and there is often less awareness of storage, despite its critical role in stabilizing renewable energy systems.

Energy storage is increasingly recognized as a key element of the renewable energy landscape. According to the DNV ETO report of 2024, battery storage, PV and solar are growing much faster than forecast.  

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