Energy Storage for the Grid is Expected to Reach $15.6 Billion in Annual Revenue by 2024, According to Navigant Research
Technology vendors are moving down the supply chain to supply deployment solutions, report concludes
BOULDER, Colo.--A new report from Navigant Research analyzes the global market for utility-scale energy storage for both bulk and ancillary service applications.
Developing energy storage that is viable for grid applications has been a goal of vendors and grid operators for a number of years. Recently a number of factors have begun to converge to bring that goal close to fruition. Click to tweet: According to a new report from Navigant Research, worldwide revenue from energy storage for the grid and ancillary services is expected to grow from $675 million annually in 2014 to $15.6 billion in 2024.
"The grid-scale energy storage market continues to develop in a piecemeal fashion, but there are signals that it is poised for significant expansion in the coming years," says Anissa Dehamna, senior research analyst with Navigant Research. "In particular, after several years of faltering growth, lithium ion batteries are emerging as the breakout technology in this sector."
Still, the market challenges are significant for energy storage to be deployed widely on the grid. The industry needs more systems integrators and financing models to succeed, according to the report, as there is more value in providing solutions at the end of the supply chain (such as systems integration, including power conversion systems and inverters) than in the core technologies. As a result, technology vendors have been moving down the supply chain to filling in this void, the report concludes.
The report, "Energy Storage for the Grid and Ancillary Services," analyzes the global market for utility-scale energy storage for both bulk and ancillary service applications. Specifically, the markets analyzed in this report are: grid asset optimization, wind integration, solar integration, arbitrage, T&D upgrade deferral, frequency regulation, voltage support, spinning reserve, electric supply reserve capacity, and load following. The report provides an analysis of the market issues, opportunities, and market challenges, associated with utility scale storage. Global market forecasts for power capacity, energy capacity, and revenue, broken out by both segment and region, extend through 2024. The report also examines the key technologies related to utility-scale energy storage, as well as the competitive landscape. 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 is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
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