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The UAE has the eighth largest pipeline of energy storage projects as the world prepares for the energy transition to renewables.
While the value of projects in the emirates is dwarfed by that of the USA, which has more than $17 billion worth in the pipeline, research by BMI shows that there are large projectsin the pipeline in the emirates as well as in Saudi Arabia.
The ENOWA energy storage project at Saudi gigaproject NEOM is reported by Meed to have a capacity of 2,200 MW,and the Emirates Energy Storage project, which was commissioned by Emirates Water and Electricity Company (EWEC), will have a capacity of 400MW.
BMI said the next decade will see accelerated growth of the power storage sector, with grid stabilisation the main reason for power storage uptake, alongside falling project costs.
Mainland China and Australia will see the highest growth in Asia, while Germany will be at the forefront of the European growth, and the US, Canada and Chile leading the Americas.
Canada has the third largest pipeline of projects by value, followed by Mainland China and the UK, which has grown rapidly due to government support.
South Africa and Singapore are in sixth and seventh position ahead of the UAE, followed by Germany and France.
Sithobile Khoza, power and renewables analyst, BMI, said French firms are also prominent in the development of power storage projects, with Neoen, EDF Renewables and Engie all in the top five firms in terms of number of power storage projects.
Mainland China controls a large share of raw materialsrequired for the projects, but US firms are emerging as a key supplier of equipment, Khoza said.
In the African market, renewables have not yet seen much development however, South Africa has outstanding auctions for energy storage projects.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
