10 Countries Are Expected to Account for Approximately 80% of the Annual Market for Utility-Scale Energy Storage
Solar plus storage has emerged as a major opportunity and driver of new growth for the energy storage industry
A new report from Navigant Research provides forecasts for utility-scale energy storage systems (ESSs) deployed globally in terms of power capacity (MW), energy capacity (MWh), and revenue generated from the development of new projects in 26 countries worldwide.
With the emergence of new markets and applications, 2018 represented the largest year on record for new ESS capacity. Despite this growth, however, the market remains concentrated in a relatively small number of countries with the right policies, market structures, regulations, and renewable energy deployments. Click to tweet: According to a new report from Navigant Research, in 2019, it is expected that 10 countries will account for 1,242.1 MW of new capacity, or approximately 80% of the global market for the year. These countries include the US, France, Germany, the UK, Australia, China, India, Japan, South Korea, and Brazil.
“In terms of applications for new utility-scale energy storage projects, solar plus storage has emerged as a major opportunity and driver of new growth,” says Alex Eller, senior research analyst at Navigant Research. “The rapidly falling costs for both technologies have made combined solar plus storage plants economically competitive against conventional fossil fuel plants in a growing number of markets, which allows a solar plant to be a predictable resource for grid operators.”
Despite the growth in new renewable energy shifting projects, the shorter duration grid stability applications remain the foundation for many emerging markets. Frequency regulation and related services in particular are the starting point for most countries seeing a growing energy storage industry. There has been a general pattern as energy storage markets mature: a transition from these shorter duration stability applications to longer duration bulk storage services such as renewable energy shifting and transmission and distribution (T&D) asset optimization.
The report, Country Forecasts for Utility-Scale Energy Storage, provides forecasts for utility-scale ESSs deployed globally in terms of power capacity (MW), energy capacity (MWh), and revenue generated from the development of new projects in 26 countries worldwide. These forecasts cover systems providing all major utility-scale energy storage services and applications. Forecasts include the most common technologies for utility-scale energy storage including electrochemical (batteries) and electromechanical (pumped hydro, compressed air, flywheels, etc.) technologies for 2019-2028. An Executive Summary of the report is available for free download on the Navigant Research website.
Contact:
Lindsay Funicello-Paul
+1.781.270.8456
lindsay.funicello.paul@navigant.com
*The information contained in this press release concerning the report, Country Forecasts for Utility-Scale 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.