New reports illustrate growing momentum in the energy storage industry as an increasing number of projects are announced and commissioned
Two new reports from Navigant Research look at the global markets for deployed utility-scale energy storage systems (ESSs) and distributed energy storage systems (DESSs) for commercial and industrial (C&I) and residential customers.
During the past two years, the energy storage industry has experienced significant growth in the more mature early adopter markets, as well as new markets where the technology is just beginning to make an impact. In the utility-scale sector, adoption is increasing as countries realize energy storage’s potential in grid modernization, challenges related to increased renewables generation, changing regulations, and new business models. In the DESS sector, increasingly sophisticated software and control platforms that allow systems to be virtually aggregated to provide grid services and participate in wholesale markets are also driving investment.
“Worldwide, the energy storage industry continues to gain momentum, with an increasing number of new projects being announced and commissioned,” says Alex Eller, research analyst with Navigant Research. “While most activity remains highly concentrated in select markets, newly announced projects indicate that significant geographic diversification is taking place.”
Click to tweet: According to Navigant Research, by 2026, global annual power capacity additions for utility-scale and distributed energy storage are expected to exceed 50 GW.
- Global annual utility-scale energy storage power capacity additions are expected to grow from 1,158.8 MW in 2017 to 30,472.5 MW by 2026.
- Global annual DESS power capacity additions are expected to grow from 683.9 MW in 2017 to 19,699.7 MW by 2026.
- In 2017, five countries are expected to account for 58 percent of new energy storage capacity across both utility-scale and distributed markets.
- By 2026 the five largest country markets are expected to represent only 51 percent of new energy storage capacity.
To learn more, download free executive summaries from Navigant Research’s website. The reports Country Forecasts for Utility-Scale Energy Storage and Country Forecasts for Distributed Energy Storage, each provide an analysis of regional market issues, including recent trends, market dynamics, and drivers and barriers, associated with the energy storage industry. Global market forecasts for capacity and revenue, broken out by segment, country, and building type, extend through 2026. The reports also examine the utility-scale ESS and DESS markets for the top 10 countries and the business case for customers to deploy distributed energy storage.
Contact: Lindsay Funicello-Paul
* The information contained in this press release concerning the reports, Country Forecasts for Utility-Scale Energy Storage and 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 undertakes any obligation to update any of the information contained in this press release or the report.