DNV Research Reveals Growing Importance of Solar-Plus-Storage in Global Energy Transition

DNV Research Reveals Growing Importance of Solar-Plus-Storage in Global Energy Transition

(IN BRIEF) DNV’s research highlights that solar-plus-storage solutions are crucial for enhancing the efficiency and resilience of global energy networks, according to 92% of energy industry professionals. Solar-plus-storage, often referred to as the “power couple,” addresses the intermittency issues of solar power. DNV’s forecast predicts a 20-fold growth in global solar installations by 2050, with dedicated storage becoming increasingly common. By 2038, solar-plus-storage is expected to surpass the cost disadvantage of regular solar PV plants. However, skills shortages and lack of policy support are identified as barriers to growth. The research was conducted with over 1,500 respondents from various regions. DNV and GreenPowerMonitor will showcase their offerings at the upcoming Intersolar event in Munich.

(PRESS RELEASE) BÆRUM, 14-Jun-2023 — /EuropaWire/ — DNV, the independent energy expert and assurance provider, announces that in its recent research study reveals that 92% of energy industry professionals recognize the significance of accelerating solar-plus-storage solutions in the next five years to improve the efficiency and resilience of global energy networks. Combining solar power with energy storage addresses the intermittency challenge associated with solar energy production.

DNV’s Industry Insights research surveyed professionals in the global energy industry to gain insights into their outlook, expectations, and priorities for the upcoming year. The report highlights the growing recognition of solar-plus-storage as a vital component in the energy transition. DNV’s Energy Transition Outlook forecasts a 20-fold global growth in solar installations by 2050, with an increasing number of projects incorporating dedicated storage. Within a decade, approximately one-fifth of all photovoltaic (PV) installations will include dedicated storage, and by mid-century, this share is expected to rise to 50%.

“Global emissions are continuing to rise; the good news is that we have the technologies to prevent further increase of emissions. Combining solar and storage also opens a wide range of possibilities to provide 100% renewable energy for society in a reliable and cost-efficient way. It’s important that we act fast for the collective good, remove barriers for clean energy and plan for long term progress,” says Ditlev Engel, CEO, Energy Systems at DNV.

Moreover, the forecast demonstrates that despite the current higher costs, solar-plus-storage offers advantages in capture price compared to regular solar PV. Storage-equipped plants can charge batteries during periods of ample sunlight and sell the stored electricity when prices are high. DNV predicts that by 2038, the capture price advantage of solar-plus-storage over regular solar PV plants will surpass the cost disadvantage on a globally averaged basis.

The research highlights the solar industry’s prioritization of storage investment, with two-thirds of respondents already engaged in revenue-producing activities in the sector, and 56% planning to increase their investment in the coming year. However, the study identifies skills shortages and lack of policy support as potential barriers to progress, as both solar and storage industry respondents cited these challenges.

Within the solar industry, 63% of respondents expressed concerns about the insufficient number of individuals entering the workforce, while 62% noted difficulties in attracting employees with the required skills for the energy transition.

To drive the adoption of solar-plus-storage technology, digital tools that facilitate project implementation and management play a crucial role. DNV’s subsidiary, GreenPowerMonitor, will showcase its comprehensive offerings, including advanced analytics for underperformance detection, at the upcoming Intersolar event in Munich.

Regarding policy support, 47% of respondents identified inadequacy, delays, or surprises in public policy as the biggest risk to their organization’s near-term success. Additionally, 87% of solar industry respondents emphasized the significance of reforms to permitting and licensing processes in meeting net-zero targets.

DNV’s Industry Insights research, conducted between January and May 2023, garnered responses from over 1,500 professionals across Europe, North America, Latin America, and the Asia Pacific region.

DNV and GreenPowerMonitor, a DNV company, will be present at Intersolar Munich, inviting visitors to explore their offerings at stand no. B4.674.

Media Contacts:

Neil James Slater
Head of Media Relations, Energy Systems
Phone: +44 2038165702
contact.energysystems@dnv.com

Penda Sall
Media Relations, Energy Systems
Phone: +33 651 69 88 64
contact.energysystems@dnv.com

SOURCE: DNV AS