Navigant Research Expects Annual Added Capacity from Distributed Energy Storage Systems Worldwide to Grow Nearly Twentyfold by 2028
Primary growth drivers include cost declines, government incentives, and increased solar PV integration
A new report from Navigant Research provides market forecasts for newly installed distributed energy storage systems (DESSs) in terms of power capacity, energy capacity, and revenue across 26 countries.
The distributed energy storage industry has seen significant growth over the past 5 years. Breakthroughs in adjacent digital technologies, including artificial intelligence, blockchain, and predictive analytics, are facilitating the emergence of DESSs as a key enabling technology for aggregated distributed energy resources (DER) solutions. Click to tweet: According to a new @NavigantRSRCH report, annual added power capacity from DESSs worldwide is expected to grow from 1,073.3 MW in 2019 to 19,878.1 MW by 2028.
"DESSs are inherently flexible, can be deployed rapidly, and have the potential to generate multiple value streams," says Ricardo F. Rodriguez, research analyst with Navigant Research. "They can also provide multiple grid and customer benefits, like reducing congestion on the network or limiting the need for peak capacity resources."
Utility involvement, along with cost declines, government incentives, and increased solar PV integration are the primary growth drivers responsible for increased DESS deployments. Yet despite increasing momentum, long-standing uncertainties concerning feasible uses and cost-effectiveness remain. Consequently, DESSs are expected to remain concentrated in select markets in the near term before spreading to new areas as system costs decrease and business models continue to be refined.
The report, Country Forecasts for Distributed Energy Storage, provides forecasts for distributed-scale ESSs deployed globally in terms of power capacity (MW), energy capacity (MWh), and revenue generated from the development of new projects in 26 countries. These forecasts cover systems providing all major distributed-scale energy storage services and applications. The report details developments in 16 major countries. Forecasts include the most common technologies for distributed-scale energy storage for 2019-2028. 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 - A Guidehouse company, 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.
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* The information contained in this press release concerning the report, Country Forecasts for Distributed Energy Storage, 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 - a Guidehouse company undertakes any obligation to update any of the information contained in this press release or the report.