How to build a state-of-the-art battery energy storage market? Challenges, opportunities, and future directions

The leading role of the recent developments in critical energy storage technologies that will ensure universal energy access in a balanced and reliable way belongs to battery energy storage systems (BESSs), which are a robust stakeholder. The fact that these are regulated instruments in electricity markets, due to their technical nature when equipped with solid policies, can serve not only the purpose of carbon neutrality and net zero but also restrain the problems of warming and climate change. This study, which is an answer to the questions of how modern policies affect the markets and how the markets shape the policies, explores the strategic balance of BESSs in the role of price taker/price maker when it comes to market effect. Strategic balance encompasses not only the commercial maneuvers of policymakers within the liberalized electricity market, but also the decay of electrochemical accumulations throughout their practical life cycles, considering the utilization of industrial symbiosis practices to promote a circular economy for the disposal of end-of-life (EoL) electrochemical stacks. In this respect, this study, which establishes the “policy-market-symbiosis” triangle for BESSs, is the first to examine this perspective in the literature to the best of our knowledge. Each corner of the triangle systematically considers the role of policies, market dynamics, and symbiotic relationships in directing the deployment and use of these modern systems towards a common goal. •Storage markets have been examined by forming a “policy-market-symbiosis” triangle.•The systematic literature review includes state-of-the-art articles.•Literature analyzes are scaled with different dimensions on a country/continent basis.•The symbiotic relationship of hidden markets is explained by the Policy-Market triangle.•Challenges, opportunities, and future direction are presented to policy makers.