Asia Pacific Is Expected to Be the Largest Market for Energy Storage Software Platforms, Accounting for $10.7 Billion in Revenue in the Next Decade
Software is expected to play an important role in the energy storage industry as power grids transition toward a distributed, digitized, and decentralized system
A new report from Navigant Research analyzes the global market for energy storage systems (ESSs), providing forecasts of software vendor revenue for upfront system deployment and annual platform access/maintenance fees through 2028.
As the energy storage market matures, technological progress and legislative and regulatory tailwinds have propelled ESSs to the forefront of industry consciousness. Breakthroughs in adjacent digital technologies, including the Internet of Things (IoT), machine learning, and blockchain, have engendered the creation of innovative software platforms that advance the technical capabilities, economic viability, and bankability of ESSs. Click to tweet: According to a new report from Navigant Research, Asia Pacific is anticipated to be the largest regional market for energy storage software platforms. Driven by a rapidly growing battery ESS (BESS) market, the region is expected to account for $10.7 billion in cumulative software vendor revenue through 2028.
“Energy storage is flexible, can be deployed rapidly, has numerous applications, and can generate multiple value streams for utilities and their customers,” says Ricardo F. Rodriguez, research analyst at Navigant Research. “ESS software platforms augment these capabilities and are evolving across market segments, enhanced by underlying digital technologies, to provide complex solutions.”
According to the report, software is expected to play an important role in the energy storage industry as power grids transition toward a distributed, digitized, and decentralized system that Navigant Research refers to as the Energy Cloud. Although energy storage is viewed as a key building block for the grid of the future, without sophisticated platforms for design and control, these systems have limited value.
The report, Energy Storage Software, analyzes the global market for ESSs with a focus on aggregation, asset management, and grid services. The study examines business models and pricing strategies for software vendors across three major grid-tied energy storage market segments: utility-scale, commercial and industrial (C&I), and residential. Global market forecasts of software vendor revenue for upfront system deployment and annual platform access/maintenance fees are provided through 2028. The report also examines the competitive landscape and key technologies related to ESSs. An Executive Summary of the report is available for free download on the Navigant Research website.
*The information contained in this press release concerning the report, Energy Storage Software, 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.