BOULDER, Colo. — Distributed storage is one of the fastest-growing markets for energy storage globally, reported Navigant Research in a recent study.
According to the report, worldwide capacity of distributed energy storage systems (DESS) is expected to grow from 276 MW in 2015 to nearly 2,400 MW in 2018. The data further analyzes the global market for DESS, including global market forecasts for power capacity, energy capacity, and revenue through 2024.
“Distributed storage is among the fastest-growing markets for energy storage globally,” said Anissa Dehamna, senior research analyst, Navigant Research. “In particular, residential and commercial energy storage is expected to be the focus of technological advances and market activity in the coming years.”
Due to rapid innovation and intense competition, the market for DESS 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.
Growth in this market is being fueled by the development of advanced battery chemistries, particularly lithium-ion (Li-ion). 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 DESS. 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 DESS 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 DESS and the competitive landscape. For more information, or to review the study, visit http://bit.ly/NavigantResearchDESS.
Publication date: 4/27/2015