Even if the energy storage has many prospective markets, high cost, insufficient subsidy policy, indeterminate price mechanism and business model are still the key challenges.
The challenges of large-scale energy storage application in power systems are presented from the aspect of technical and economic considerations. Meanwhile the development prospect of global energy storage market is forecasted, and application prospect of energy storage is analyzed.
The study highlights the crucial role of storage facilities in transforming the power generation sector by shifting toward renewable sources of energy. As such, the study emphasizes the importance of effective regulatory frameworks in enabling the deployment of BESS, particularly in insular energy systems.
The development and commercialization of energy storage technology will have a significant impact on power system in terms of future system model . In recent years, both engineering and academic research have grown at a rapid pace, which lead to many achievements.
The application scenarios of energy storage technologies are reviewed and investigated, and global and Chinese potential markets for energy storage applications are described. The challenges of large-scale energy storage application in power systems are presented from the aspect of technical and economic considerations.
Meanwhile, the severe impacts caused by large power system incidents highlight the urgent demand for high-efficiency, large-scale energy storage technology.