Rapid market growth is expected to continue as energy storage system prices further decline
A new report from Navigant Research examines key trends, challenges, and growth projections in the energy storage for the grid and ancillary services (ESGAS) market.
While the ESGAS industry has matured significantly over the past two years, activity remains concentrated in select countries. In these countries, the availability of financing, favorable regulations, and innovative business models are helping to drive unprecedented growth. Click to tweet: According to a new report from @NavigantRSRCH, in 2018, the global ESGAS industry is projected to deploy 1,220.7 MW of new capacity, growing to 29,300.5 MW by 2027.
“Despite slower than expected growth in 2017, the grid-scale storage market is rapidly expanding,” says Alex Eller, senior research analyst at Navigant Research. “Key trends that are facilitating growth include a major reduction in the time to build new projects and the availability of financing driven by greater investor confidence and the involvement of larger corporations through recent mergers, acquisitions, and new market entrants.”
According to the report, many countries have recently seen significant growth in renewable generation, but energy storage has yet to take hold. This is expected to change in the coming years as energy storage system (ESS) prices continue to decline and project developers gain experience efficiently building, integrating, and monetizing ESSs alongside renewable plants.
The report, Market Data: Energy Storage for the Grid and Ancillary Services, provides an update on the market drivers, technology and application issues, and regional market developments related to the global ESGAS market. The study examines key ESGAS trends, challenges, and growth projections. Global market forecasts, segmented by region, technology, and application segment, extend through 2027. The report also examines trends in the development of combined renewable energy and ESS plants around the world, as well as the major merger and acquisition activity in the global utility-scale energy storage industry. 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, Market Data: Energy Storage for the Grid and Ancillary Services, 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.