A new report from Navigant Research examines key trends, challenges, and growth projections in the energy storage for the grid and ancillary services (ESGAS) market.
The report, Market Data: Energy Storage for the Grid and Ancillary Services, provides an update on the market drivers, technology and application issues, and regional market developments related to the global ESGAS market. The study examines key ESGAS trends, challenges, and growth projections. Global market forecasts, segmented by region, technology, and application segment, extend through 2027.
The report also examines trends in the development of combined renewable energy and ESS plants around the world, as well as the major merger and acquisition activity in the global utility-scale energy storage industry.
While the ESGAS industry has matured significantly over the past two years, activity remains concentrated in select countries. In these countries, the availability of financing, favorable regulations, and innovative business models are helping to drive unprecedented growth.
“Despite slower than expected growth in 2017, the grid-scale storage market is rapidly expanding,” says Alex Eller, senior research analyst at Navigant Research. “Key trends that are facilitating growth include a major reduction in the time to build new projects and the availability of financing driven by greater investor confidence and the involvement of larger corporations through recent mergers, acquisitions, and new market entrants.”
According to the report, many countries have recently seen significant growth in renewable generation, but energy storage has yet to take hold. This is expected to change in the coming years as energy storage system (ESS) prices continue to decline and project developers gain experience efficiently building, integrating, and monetizing ESSs alongside renewable plants.