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During the past 2 years, the energy storage industry has experienced significant growth in both the more mature early adopter markets and new markets where the technology has just begun to make an impact. The United States and Germany remain two of the leading utility-scale energy storage markets worldwide, driven by regulations and innovative vendors and project developers. However, over the past year, additional markets in Europe have emerged as some of the most attractive, notably the United Kingdom and Italy. Both countries have begun experiencing grid stability issues caused by a higher penetration of renewables generation, and both recognize the ability of energy storage to solve many of these challenges.

Ambitious grid modernization

Early adopter utility-scale energy storage markets in Asia Pacific such as Australia, Japan, and South Korea have also seen significant market growth as they push toward ambitious grid modernization goals. Elsewhere in Asia Pacific, the potentially massive markets in China and India are gaining traction as regulations and business models continue evolving. Throughout the rest of the world, new energy storage projects are being announced at an increasing rate, leading to more utilities and regulators waking up to the benefits the technology can provide. According to Navigant Research, global annual utility-scale energy storage power capacity additions are expected to grow from 1,158.8 MW in 2017 to 30,472.5 MW by 2026.

This Navigant Research report analyzes the global market for utility-scale energy storage systems (ESSs) deployed globally. The study provides an analysis of the regional market issues, including recent trends, market dynamics, drivers, and barriers, associated with the utility-scale energy storage industry. Global market forecasts for capacity and revenue, broken out by application segment, country, and technology (electrochemical and electromechanical), extend through 2026. The report also examines the utility-scale ESS markets for the top 10 countries and the business case for customers to deploy utility-scale energy storage.

Labels: Navigant Research,energy storage,utility-scale,backup,grid modernization

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