BOULDER, Colo.--(BUSINESS WIRE)--A recent report from Navigant Research analyzes the global market for utility-scale energy storage for both bulk and ancillary service applications.
As distributed, renewable power generation resources multiply and grid operators seek ways to balance loads across the system using an increasingly diverse range of assets, the demand for grid-scale energy storage is rising. The grid-scale energy storage market has developed in a disjointed fashion over the last several years, but now there are signals that the market is poised for significant expansion. Click to tweet: According to a recent report from Navigant Research, worldwide revenue from energy storage for the grid and ancillary services is expected to total $68.5 billion from 2014 through 2024.
“Developing energy storage that is viable for grid applications has been a goal of vendors and grid operators for a number of years,” says Anissa Dehamna, senior research analyst with Navigant Research. “Recently a number of factors, including the falling price for lithium-ion battery systems, have begun to converge to bring that goal close to fruition.”
Although incumbent pumped storage remains the dominant technology, in terms of installed capacity, the market has started moving quickly, according to the report, across a number of technologies including lithium ion, power-to-gas, flow battery, and compressed air systems. In total, Navigant Research estimates that 362.8 megawatts (MW) of projects have been announced in the 2013-2014 period, with an almost equal distribution between North America (103.3 MW), Asia Pacific (100.5 MW), and Western Europe (91.1 MW).
The report, “Energy Storage for the Grid and Ancillary Services,” analyzes the global market for utility-scale energy storage for both bulk and ancillary service applications. Specifically, the markets analyzed in this report are: grid asset optimization, wind integration, solar integration, arbitrage, T&D upgrade deferral, frequency regulation, voltage support, spinning reserve, electric supply reserve capacity, and load following. The report provides an analysis of the market issues, opportunities, and market challenges, associated with utility scale storage. Global market forecasts for power capacity, energy capacity, and revenue, broken out by both segment and region, extend through 2024. The report also examines the key technologies related to utility-scale energy storage, 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.
About Navigant
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.
* 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.
