BOULDER, Colo.–(BUSINESS WIRE)–A recent report from Navigant Research analyzes the global market for distributed energy storage systems (DESSs), including global market forecasts for power capacity, energy capacity, and revenue through 2024.
The focus of rapid innovation and intense competition, the market for DESSs has exceeded industry expectations for growth and market volume in recent years. Responding to this demand, grid operators, utilities, and governments are encouraging storage installations that are physically situated closer to the retail electricity customer. According to a recent report from Navigant Research, worldwide capacity of DESSs is expected to grow from 276 megawatts (MW) in 2015 to nearly 2,400 MW in 2018.
“Distributed storage is among the fastest-growing markets for energy storage globally,” says Anissa Dehamna, senior research analyst with Navigant Research. “In particular, residential and commercial energy storage are expected to be the focus of technological advances and market activity in the coming years.”
Growth in this market is being fueled by the development of advanced battery chemistries, particularly lithium ion (Li-ion), according to the report. At the same time, the spread of solar photovoltaics, electric vehicles, electric vehicle charging, and home energy networks are all creating new applications and new demand for DESSs. By 2024, the report finds, total worldwide capacity is expected to exceed 12,000 MW.
The report, “Community, Residential, and Commercial Energy Storage,” analyzes the global market for DESSs, with a focus on three distinct applications: community energy storage (specifically energy storage at the distributed transformer), residential energy storage (with and without solar PV), and commercial energy storage. The study provides an analysis of the market issues, opportunities, and challenges associated with distributed energy storage. Global market forecasts for power capacity, energy capacity, and revenue, broken out by application, technology, region, and ownership model, extend through 2024. The report also examines the key technologies related to DESSs, as well as the competitive landscape. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals provide services that extend from expert and advisory work through implementation and outsourcing. The firm combines deep technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism to address clients’ needs in highly regulated industries including Construction, Energy, Financial Services and Healthcare. More information about Navigant can be found at navigant.com.