- Energy storage for renewables integration market is estimated to be more than $23 billion strong by 2026, according to new report from Navigant Research
- These systems assume importance in the face of more and more renewables awaiting seamless integration to the grid
- Navigant’s report focuses on six utility scale, commercial and industrial and residential applications
- It says these systems are establishing a growing presence in grid-tied and remote system markets
Installed Distributed PV Capacity To Grow from 22 to 429 GW Within 10 Years
(04. May 2017)
The energy storage for renewables integration (ESRI) market is expected to grown to an annual revenue of more than $23 billion by 2026, according to a new report by Navigant Research. As solar PV and wind power generation increases, these variable renewable energy sources will strongly push the market for energy storage systems (ESS), which help to mitigate concerns and integrate these energy sources without any problems to the grid.
The report focuses on six utility scale, commercial and industrial and residential applications. With ESS having experienced steady price decreases over the last five years, the report points out that these systems are establishing a growing presence in both grid-tied and remote system markets with customers in utility scale and behind-the-meter (BTM) applications now being able to install economically viable solar PV plus energy storage systems.
“Thanks to the continued drop in prices in energy storage, solar PV, and wind, ESRI is forecast to see strong growth across both utility-scale and BTM applications,” says Adam Wilson, research analyst with Navigant Research. “Interestingly, while utility-scale renewable prices are experiencing bigger declines, formidable drivers in the BTM market, such as peak shaving and incentive programs specific to energy storage, are expected to push the segment to account for roughly two-thirds of forecast global ESRI capacity through 2026.”
More details on the Energy Storage for Renewables Integration report can be found on Navigant Research’s website.