Energy Storage to See 1.8 GW Growth in Healthcare Industry, Study Finds
Market growth is anticipated to total 1.8 GW of energy storage for both C&I and residential healthcare applications.
Driven by technological innovation, more flexible regulation, and the diverse customer benefits gained by adopting energy storage technologies, behind-the-meter (BTM) energy storage is experiencing continued growth globally, according to Guidehouse.
According to Guidehouse, the energy storage market for the healthcare industry is expected to experience a compound annual growth rate (CAGR) of 27.3% through 2030, with North America, Western Europe, and Asia Pacific leading in global power capacity additions.
Due to extreme weather events such as wildfires, heatwaves, and cold winter storms, thousands and even millions of people are frequently left without power. For hospitals and residential patients, this can result in dangerous situations that may cost lives.
“Energy storage for healthcare use is an innovative way to provide critical backup power for healthcare facilities and homes,” says Maria Chavez, research analyst with Guidehouse Insights. “Energy storage in hospitals and clinics is being driven by an increase in facility resilience and opportunities for time of use (TOU) and demand charge cost savings, while decreasing battery prices are making this technology more accessible to residential patients who may not be able be able to evacuate during a power outage.”
Still, a variety of barriers make energy storage a challenge in some cases. Large storage systems can take up critical space in hospitals and remote clinics often have limited resources to fund installation or subsequent maintenance of such a system.
Residential customers are especially vulnerable to limited funding for home upgrades like battery storage systems. Increased financial support from outside sources, amplified awareness for residential customers, and a focus on gathering energy storage data specific to healthcare use cases are helping the market overcome these barriers to experience stronger growth in the coming years.
Source: tdworld
