The revenue generated worldwide by grid-scale energy storage between 2014–2024 is predicted to total $68.5 billion, as per a recent report from Navigant Research.
The report — which analyzed the global market for utility-scale energy storage for bulk + ancillary service applications — notes that despite the start-stop nature of the market’s growth over the last few years, it seems to be on the verge of a sea change, with significant growth expected in the near-future.
This growth is expected to come, unsurprisingly, via the actions of grid operators looking to diversify assets/infrastructure as a means of balancing loads with the rise of distributed generation.
“Developing energy storage that is viable for grid applications has been a goal of vendors and grid operators for a number of years,” states Anissa Dehamna, a 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.”
While the dominant storage technology as of right now is incumbent pumped storage (with regard to installed capacity), changes are afoot, as the report notes. Lithium-ion, flow battery, compressed air, and power-to-gas technologies are all looking likely see a significant uptick in use over the years ahead.
The markets analyzed by Navigant in the new 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.”
Worth noting — as per estimates from Navigant Research, 362.8 MW of projects were announced in the 2013–2014 period, with nearly equal distribution between North America (103.3 MW), Asia Pacific (100.5 MW), and Western Europe (91.1 MW).
Those interested in the full report (or a free executive summary), can find it here: “Energy Storage for the Grid and Ancillary Services”.
Also recommended: $1 Billion: Annual US Solar + Storage Market In 2018.
Image Credit: Samsung lithium-ion batteries at Younicos facility in Berlin, Germany, by Zachary Shahan | CleanTechnica (CC BY-SA 4.0 license)
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