Growing need to modernize global electricity grids and the evolution of business cases for deploying energy storage are likely to ensure continued market growth
A new report from Navigant Research tracks global energy storage developments, providing a database of projects sorted by country, region, market segment, capacity, status, technology vendor, systems integrator, applications, funding, investment, and key milestones.
As global electricity grids embrace the new energy economy, energy storage is becoming a necessity in grid infrastructure. In recent years, the landscape for this technology has grown increasingly sophisticated, marked by new types of projects being monetized through innovative business models. Click to tweet: According to a new report, Navigant Research has identified 2,092 energy storage projects globally.
"Several new companies have entered the market across the energy storage value chain while legacy companies have sought to bolster their presence," says Ricardo F. Rodriguez, research analyst at Navigant Research. "The growing need to modernize global electricity grids and the evolution of business cases for deploying storage are expected to ensure continued market growth."
Several key factors continue to increase the global need for energy storage deployments, according to the report. The restructuring of electricity markets will enable valuation of the flexible benefits of energy storage deployments, while variable generation sources such as solar PV and wind that are connected to power grids will require increased load balancing against demand. Areas with unstable grids and frequent outages will benefit from distributed energy storage systems (DESSs) and microgrids with storage, and load profiles are expected to play a critical role in the structure and operation of the power grid, which will influence the development of energy storage markets.
The report, Energy Storage Tracker 2Q19, provides a comprehensive resource of global energy storage projects. The Tracker includes a database of 2,092 projects and tracks the country, region, market segment, capacity, status, technology vendor, systems integrator, applications, funding, investment, and key milestones of each project. It also 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 and future projects. 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 clean, intelligent, mobile, and distributed energy. 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 2Q19, 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.