Thursday October 5, 2017 0 comments
BOULDER -- Over the next 10 years, a cumulative 14,850.7 MW of new energy storage for microgrids (ESMG) capacity is expected to be installed, generating approximately $22.3 billion in revenue, according to a new report from Navigant Research.
The report examines the global market for energy storage for microgrids, providing an analysis of trends and market dynamics with forecasts for capacity and revenue that extend through 2026.
Interest in energy storage-enabled microgrids is growing alongside an increase in solar PV and wind deployments, the report notes. Although not required for microgrids to operate, energy storage systems (ESSs) have emerged as an increasingly valuable component of distributed energy networks because of their ability to effectively integrate renewable generation.
“There are several key drivers resulting in the growth of energy storage-enabled microgrids globally, including the desire to improve the resilience of power supply both for individual customers and the entire grid, the need to expand reliable electricity service to new areas, rising electricity prices, and innovations in business models and financing,” said Alex Eller, Navigant research analyst.
“Innovations in business models and financing will likely play a key role in the expansion of the ESMG market during the coming years.”
According to the report, the most successful companies in this industry will be those that can unlock the potential of new business models to reduce the risk and upfront costs to customers.
This is particularly true in Asia Pacific and North America, which are projected to be the largest regional markets for new ESMG capacity by far.
The report, Market Data: Energy Storage for Microgrids, outlines the key market drivers and barriers within the global ESMG market. The study provides an analysis of specific trends and market dynamics for each major world region to illustrate how different markets are taking shape.
Global ESMG forecasts for capacity and revenue, segmented by region, technology, and market segment, extend through 2026. The report also briefly examines the major technology issues related to ESSs for microgrids.
An Executive Summary of the report is available for free download on the Navigant Research website.