Installed Energy Storage Enabling Technology Revenue is Expected to Reach $21.5 Billion Annually by 2024, According to Navigant Research
Software and controls for energy storage systems are expected to be a key driver for the overall market, report finds
BOULDER, Colo.--A recent Leaderboard Report from Navigant Research examines the strategy and execution of 12 leading energy storage systems integrators (ESSIs), including vendor profiles, ratings, and rankings, with the goal of providing industry participants an objective assessment of these companies' relative strengths and weaknesses in the market.
With battery prices continuing to decrease, increased attention is being given to other areas of the stationary energy storage value chain, including energy storage system (ESS) integration. ESSIs are responsible for ensuring that ESSs meet the needs of the end user, and the scaling of the overall market will depend on how these companies approach the market. Click to tweet: According to a recent Leaderboard Report from Navigant Research, installed energy storage enabling technology revenue is expected to reach $21.5 billion annually by 2024.
"The future market for ESSIs will be led by firms that respond quickly to market demand and provide compelling offers to energy storage end users," says Anissa Dehamna, principal research analyst with Navigant Research. "The most successful firms will be those that allow for competitive pricing options and persuasive value propositions for customers."
An important trend in the market is the rapid pace of innovation in ESS software and controls, according to the report. Many leading ESSIs evaluated by Navigant Research provide customized software platforms that help end users manage the daily operations of an ESS, including, in some cases, virtually modeling a system's operations before a physical installation is deployed.
The report, Navigant Research Leaderboard Report: Energy Storage System Integrators, examines the strategy and execution of 12 leading energy storage systems integrators. These ESSI players are rated on 12 criteria: vision, go-to-market strategy, partners, production strategy, technology, geographic reach, sales, marketing and distribution, product performance, product quality and reliability, product portfolio, pricing, and staying power. Using Navigant Research's proprietary Leaderboard methodology, vendors are profiled, rated, and ranked with the goal of providing industry participants with an objective assessment of these companies' relative strengths and weaknesses in the global ESSI market. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is an independent specialized, global professional services firm that combines deep industry knowledge with technical expertise to enable companies to defend, protect and create value. With a focus on industries and clients facing transformational change and significant regulatory and legal issues, the Firm serves clients primarily in the healthcare, energy and financial services sectors which represent highly complex market and regulatory environments. Professional service offerings include strategic, financial, operational, technology, risk management, compliance, investigative solutions, dispute resolutions services and business process management services. The Firm provides services to companies, legal counsel and governmental agencies. The business is organized in four reporting segments - Disputes, Investigations & Economics; Financial, Risk & Compliance; Healthcare; and Energy. More information about Navigant can be found at navigant.com.