BOULDER, Colo.--(BUSINESS WIRE)--A recent report from Navigant Research analyzes the global market for energy storage enabling technologies (ESETs) across four distinct market segments: utility-scale storage, community storage, residential storage, and commercial storage, including global market forecasts through 2024.
Broadly speaking, the three main components of the ESET value chain are hardware, software, and services, which together ensure the intelligence, durability, and profitability of energy storage systems (ESSs). Now that battery prices have responded to cost pressures, the rest of the balance of plant—or the ESET portion of system cost—is under more pressure to deliver more consistent pricing, which is expected to bring more transparency in overall ESS pricing, allowing the industry to scale further. Click to tweet: According to Navigant Research, worldwide ESET revenue is expected to total nearly $75 billion from 2015 to 2024.
“The grid-tied energy storage market is poised to take off, however, pricing remains inconsistent and economies of scale have yet to translate into accessible system costs for the end user,” says Anissa Dehamna, principal research analyst with Navigant Research. “ESSs consist of a core storage technology as well as power conversion systems, software, and controls, and in addition to the hardware and software in an ESS, systems integration expertise is required to deliver a fully intelligent, bankable system to the customer.”
Systems integration services are expected to be the highest value piece of the ESET market, according to the report. Since this segment requires labor, labor prices are expected to buoy this portion of the market, and it is expected systems integration services will become more sophisticated as the market grows and customers become more perceptive, expecting more functionality from ESSs.
The report, Energy Storage Enabling Technologies, analyzes the global market for ESETs across four distinct market segments: utility-scale storage, community storage, residential storage, and commercial storage. The study provides an analysis of the market issues, opportunities, and challenges associated with ESETs. Global market forecasts for power conversion systems, energy storage software and controls, and systems integration services, segmented by technology, application, and region, extend through 2024. The report also examines the key technology trends related to ESETs, 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 professional 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 deliver expert and advisory work through implementation and business process management services. 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 Enabling Technologies,” 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.