Energy Storage For Renewable Energy Set To Total 45.1 GW In Next Decade
The market for energy storage systems for renewable energy integration is expected to reach 45.1 GW between 2015 to 2025, according to Navigant Research.
The new report from Navigant Research, Energy Storage for Renewables Integration, examines the market for energy storage systems for renewable energy integration (ESRI) — energy storage systems designed to mitigate somewhat the variability of renewable energy powerhouses like wind and solar, “By far the fastest-growing forms of renewable energy in the last several years.”
At present, the levels of wind and solar being fed into the grid are slight, and are not affecting the mechanics of a centralized electricity grid much. However, in years to come, as the percentage of wind and solar generating electricity into the grid increases, “serious issues regarding the grid’s stability can arise” — issues which can, in part, be solved by energy storage systems which help to level out the variability.
Unsurprisingly, therefore, Navigant Research predicts that the market for energy storage systems for renewable energy integration will increase rapidly over the next decade, and see installed new capacity at a total of 45.1 GW between 2015 to 2025.
“The business cases for ESRI will vary significantly depending on the geographic location, market structure, target customers, and type of renewable energy being integrated,” said Anissa Dehamna, principal research analyst with Navigant Research. “While this diversity presents challenges in the short term, there is enormous potential for companies able to make sense of this complexity and offer solutions that the market demands.”
In addition to the increase in need for energy storage systems to supplement renewable energy deployment, Navigant Research also highlighted the decreasing costs of advanced batteries. The authors note that “system costs are still one of the biggest barriers to the industry’s growth,” yet nevertheless, it is expected that declining prices will open up “new use cases and geographic markets.”
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