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Taiwan Grid-scale/Utility Scale Energy Storage System (ESS) Industry Analysis
The Grid-scale/Utility Scale Energy Storage Systems (ESS) industry in Taiwan is currently experiencing a surge in construction of new projects. This is due to the increasing demand for renewable energy sources and the need for a reliable and stable power grid. The major drivers of this growth are the government's push towards renewable energy and the decreasing costs of energy storage technologies.
Taiwan's government has set a target of generating 2% of its electricity from renewable sources by 225. To achieve this goal, the government has implemented various policies and incentives to encourage the development of renewable energy projects, including energy storage systems. This has led to an increase in the number of grid-scale energy storage projects being developed in the country.
The decreasing costs of energy storage technologies have also played a significant role in the growth of the industry. The cost of lithium-ion batteries, which are the most commonly used energy storage technology, has decreased by over 8% in the past decade. This has made energy storage systems more affordable and accessible to a wider range of customers, including utilities and commercial and industrial customers.
The construction of new grid-scale energy storage projects in Taiwan is expected to continue to grow in the coming years. The government has set a target of installing 1.5 GW of energy storage capacity by 225, which is expected to drive further growth in the industry. In addition, the increasing adoption of renewable energy sources, such as solar and wind, is expected to create a greater need for energy storage systems to help balance the grid and ensure a stable supply of electricity.
Overall, the outlook for the Grid-scale/Utility Scale Energy Storage Systems industry in Taiwan is positive. The government's push towards renewable energy and the decreasing costs of energy storage technologies are expected to continue to drive growth in the industry. As a result, we can expect to see an increasing number of grid-scale energy storage projects being developed in the country in the coming years.
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