19 Mar 2015
A recent report from Navigant Research analyzes the global market for distributed energy storage systems (DESSs), including global market forecasts for power capacity, energy capacity, and revenue through 2024.
The focus of rapid innovation and intense competition, the market for DESSs has exceeded industry expectations for growth and market volume in recent years. Responding to this demand, grid operators, utilities, and governments are encouraging storage installations that are physically situated closer to the retail electricity customer. Click to tweet: According to a recent report from Navigant Research, worldwide capacity of DESSs is expected to grow from 276 megawatts (MW) in 2015 to nearly 2,400 MW in 2018.
“Distributed storage is among the fastest-growing markets for energy storage globally,” says Anissa Dehamna, senior research analyst with Navigant Research. “In particular, residential and commercial energy storage are expected to be the focus of technological advances and market activity in the coming years.”
Growth in this market is being fueled by the development of advanced battery chemistries, particularly lithium ion (Li-ion), according to the report. At the same time, the spread of solar photovoltaics, electric vehicles, electric vehicle charging, and home energy networks are all creating new applications and new demand for DESSs. By 2024, the report finds, total worldwide capacity is expected to exceed 12,000 MW.
The report, “Community, Residential, and Commercial Energy Storage,” analyzes the global market for DESSs, with a focus on three distinct applications: community energy storage (specifically energy storage at the distributed transformer), residential energy storage (with and without solar PV), and commercial energy storage. The study provides an analysis of the market issues, opportunities, and challenges associated with distributed energy storage. Global market forecasts for power capacity, energy capacity, and revenue, broken out by application, technology, region, and ownership model, extend through 2024. The report also examines the key technologies related to DESSs, as well as the competitive landscape. An Executive Summary of the report is available for free download on the Navigant Research website.
* The information contained in this press release concerning the report, “Community, Residential, and Commercial Energy 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.