Navigant: Worldwide market value for microgrid energy storage to grow to $4.2B by 2024

By: InnovatioNews Wednesday May 14, 2014 0 comments Tags: Anissa Dehamna, Boulder, energy storage, microgrids, Navigant Research

Navigant Research logo newBOULDER - The worldwide market value for energy storage for microgrids will grow from $662 million annually this year to $4.2 billion in 2024, according to a new report from Navigant Research.

"Rapid expansion of the microgrid market over the next 10 years will drive increased demand for energy storage associated with these systems," said Anissa Dehamna, Navigant senior research analyst.

"Energy storage systems can also allow participation in deregulated ancillary service markets, further improving the economics of the overall system."

Navigant said the strongest market for energy storage for microgrids will be the grid-tied customer-owned microgrid segment in North America, which is supported by robust growth in microgrids and favorable regulatory developments.

Technology adoption in the region is balanced between all technologies, with an emphasis on lithium ion batteries, which are projected to comprise up to 40 percent of the market share in North America by 2024.

A free Executive Summary of the report," Energy Storage for Microgrids," is available for download on the Navigant Research site.

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