The United States and China are expected to see substantial growth in energy storage deployments in the coming decade
A recent report from Navigant Research examines the market for grid-tied energy storage systems (ESSs) in 22 countries, with forecasts for power capacity, energy capacity, and revenue, segmented by technology, through 2025.
The major markets in North America are expected to be the largest globally for grid-tied ESSs in 2015, but the more rapidly growing Asia Pacific markets are expected to take the lead around 2018. Overall, the five major markets in Asia Pacific are expected to deploy 199.5 MW of distributed storage capacity in 2015, increasing to 9,416.6 MW in 2025 at a compound annual growth rate (CAGR) of 47 percent. Click to tweet: According to a recent report from @NavigantRSRCH, new energy storage deployments in major world markets are expected to total nearly 62 GW from 2015 to 2025.
“Given the wide variety of factors influencing country-level energy storage markets, it is essential for vendors and developers to understand the dynamics, customers, and potential growth patterns for each individual country,” says Alex Eller, research analyst with Navigant Research. “Many countries and regions will have a much larger market for either utility-scale or distributed storage systems, and these dynamics will necessitate different business models to serve the market.”
Many countries’ storage markets are in a nascent stage and will not begin to significantly develop for several years, according to the report. The rapidly declining price of storage technologies is expected to enable new country-level markets to open at an increasing pace over the coming decade, and resources could be wasted by attempting to operate in a country before the market is ready.
The report, Country Forecasts for Grid-Tied Energy Storage, analyzes the capacity and revenue of grid-tied energy storage systems that will be deployed in major markets around the world. The forecasts cover both utility-scale and distributed energy storage applications for the nine most popular technologies in each country. This study also examines the key factors contributing to the opportunities for energy storage in the 22 major countries profiled. Country-level forecasts for power capacity, energy capacity, and revenue by technology extend through 2025. An Executive Summary of the report is available for free download on the Navigant Research website.
Contact: Lindsay Funicello-Paul
* The information contained in this press release concerning the report, Country Forecasts for Grid-Tied 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.