The Middle East should review viable storage options that ensure the long-term success of renewables if it is to achieve its sustainable energy goals, says a new report from GlobalData.
The economy in the Middle East has traditionally been based on the production and sale of oil and gas. Despite slow initial uptake, the development of solar power and other renewable energy solutions has accelerated quickly in recent years. This trend has been driven by solar power becoming cheaper, and governments seeking to hit sustainability targets as part of their economic roadmaps.
Saudi Arabia is a key market. As part of the government’s Vision 2030, it has committed to adding 27 GW of renewable energy capacity by 2023 and also set a target of 58.7 GW by 2030. The kingdom will also be home to the world’s largest battery.
In 2020, the Red Sea Development Company (TRSDC) awarded a contract to develop all its utilities infrastructure to Saudi-based utilities developer Acwa Power. The contract includes building the world’s largest battery energy storage facility of 1,000 megawatt-hours. This solution will enable the development, which includes 16 hotels and an airport, to be powered 100 per cent by renewable energy and remain completely off-grid.
Globally, the market for battery energy storage is estimated to grow to $10.84bn in 2026 says GlobalData. Several factors could contribute to such growth; primarily, the fall in battery technology prices and the increasing need for grid stability and resilience of the integration of renewable power in the power market.
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