Industry competition grows as new companies enter the global market
A recent report from Navigant Research examines the growing opportunities for energy storage systems (ESSs) to provide services to the grid, with global market forecasts for power capacity, energy capacity, and revenue, segmented by region, technology, and application, through 2025.
Utilities and grid operators are showing increased interest in energy storage for the grid and ancillary services (ESGAS) due in part to the rapidly falling systems costs, particularly for battery ESSs. However, many ESS developers still see a significant need for education throughout the industry and believe these systems should have their own rules and be treated as a unique technology in regulatory structures. Click to tweet: According to a recent report from @NavigantRSRCH, power capacity of global installed ESGAS is expected to total 93.8 GW from 2016 to 2025.
“Grid operators and regulators are beginning to recognize the value of ESSs for multiple services,” says Alex Eller, research analyst with Navigant Research. “Due to the maturation of the industry, the financial community is growing more comfortable with investments in energy storage, further lowering the cost to deploy systems and accelerating the industry.”
Differences in energy market structures and grid needs around the world will result in ESGAS markets with unique needs, according to the report. This dynamic highlights how important it is to have flexible offerings in both technologies and business models to succeed in the increasingly competitive ESGAS industry.
The report, Energy Storage for the Grid and Ancillary Services, explores the growing opportunities for ESSs to provide numerous services to the grid and how these markets will evolve in the coming decade. All major technologies for utility-scale energy storage, including advanced batteries and electromechanical systems, are covered in this report for the six top services that energy storage can provide. Global market forecasts for power capacity, energy capacity, and revenue, segmented by region, technology, and application, extend through 2025. The report also examines the key business models related to ESGAS, as well as the competitive landscape. 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, 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.