BOULDER, Colo.--(BUSINESS WIRE)--A new report from Navigant Research examines global market forecasts for energy storage power conversion systems (PCS) pricing and annual market size, broken out by segment, component, and region, extending through 2027.
As the global energy storage industry continues to grow and innovate, PCS are emerging as a key technology to facilitate widespread grid integration. This is especially represented in the Asia Pacific region, which is home to the largest and fastest growing markets for energy storage. Click to tweet: According to a new report from @NavigantRSRCH, Asia Pacific region is expected to hold 43.2% of the PCS cumulative global market through 2027.
“Although Asia Pacific is expected to control a large global share of the PCS market, North America and Western Europe will also see a high total capacity for new energy storage and large market for PCS revenue,” says Alex Eller, senior research analyst with Navigant. “In addition, a much greater portion of Western Europe’s energy storage capacity is expected to come from distributed systems with higher price points.”
According to the report, leading markets for distributed energy resources (DER) are a large driver of improvements to PCS technology, where regulation is moving to require smart inverters for DER in general. While many PCS are being implemented by companies around the world, several new technological innovations have been introduced to the industry, including smart islanding, backup power, lower costs based on modern materials and designs, and automated backup support.
This Navigant Research report, Innovations in Power Conversion Technology for Grid Storage, explores the market landscape for energy storage PCS and the innovations in technology that will enable the new wave of industry growth. The study provides an analysis of the key market and technology issues and outlines the four segments of the energy storage market: utility-scale, behind-the-meter (BTM) commercial and industrial (C&I), BTM residential, and remote/off-grid. Global market forecasts for PCS pricing and annual market size, broken out by segment, component, and region, extend through 2027. The report also examines the major advances in technology related to energy storage PCSs and inverters, 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 Energy Technologies, Utility Transformations, Transportation Efficiencies, and Buildings Innovations sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is a specialized, global professional services firm that helps clients take control of their future. Navigant’s professionals apply deep industry knowledge, substantive technical expertise, and an enterprising approach to help clients build, manage and/or protect their business interests. With a focus on markets and clients facing transformational change and significant regulatory or legal pressures, the Firm primarily serves clients in the healthcare, energy and financial services industries. Across a range of advisory, consulting, outsourcing, and technology/analytics services, Navigant’s practitioners bring sharp insight that pinpoints opportunities and delivers powerful results. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, Innovations in Power Conversion Technology for Grid Storage, 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.