Improvements in technologies, new business models, regulatory and market conditions are expected to drive the energy storage market forward, report finds
BOULDER, Colo.--(BUSINESS WIRE)--A new report from Navigant Research tracks global energy storage projects, providing data on the country, region, market segment, capacity, status, technology vendor, systems integrator, applications, funding, investment, and key milestones of each effort.
Energy storage, once considered a complementary addition to renewable energy projects, has now shifted to a standalone solution that provides customers and system owners with valuable flexibility and profitability. In addition, thanks to advanced battery energy storage systems, projects are being deployed in the shortest timelines in the history of the industry. Click to tweet: According to a new report from @NavigantRSRCH, worldwide, more than 1,700 energy storage projects exist.
"The global energy storage industry is poised to continue to grow quickly over the next several years, especially in emerging economies," says Ian McClenny, research analyst with Navigant Research. "With emerging infrastructure becoming increasingly integrated, dynamic, and complex, flexible resources like storage will provide added value to existing and new power generating assets."
Navigant Research anticipates that energy storage will increasingly become a practical option to costly grid and substation upgrades to meet changes in load, according to the report. Additionally, improvements in energy storage technologies, regional regulatory and market drivers, and new business models are all expected to drive the market forward.
The report, Energy Storage Tracker 3Q17, provides a comprehensive resource of global energy storage projects. The Tracker includes a database of 1,712 projects and tracks the country, region, market segment, capacity, status, technology vendor, systems integrator, applications, funding, investment, and key milestones of each project. In addition, the report includes an analysis of the technology choice within each major region for energy storage, analysis of the leading regions for energy storage capacity and projects, and market share analysis for technology vendors for deployed projects and projects in the pipeline. 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 Energy Technologies, Utility Transformations, Transportation Efficiencies, and Buildings Innovations sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is a specialized, global professional services firm that helps clients take control of their future. Navigant's professionals apply deep industry knowledge, substantive technical expertise, and an enterprising approach to help clients build, manage and/or protect their business interests. With a focus on markets and clients facing transformational change and significant regulatory or legal pressures, the Firm primarily serves clients in the healthcare, energy and financial services industries. Across a range of advisory, consulting, outsourcing, and technology/analytics services, Navigant's practitioners bring sharp insight that pinpoints opportunities and delivers powerful results. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, Energy Storage Tracker 3Q17, is a summary and reflects Navigant Research's current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report's conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.