Financial incentives and government support helped spur early success in these regions
BOULDER, Colo.–(BUSINESS WIRE)–#DER–A new report from Navigant Research provides an update on the market drivers, challenges, key trends, and growth projections for the global distributed energy storage system (DESS) industry, including battery energy storage systems, thermal energy storage systems, and remote microgrids.
The distributed energy storage industry has seen significant growth during the past 5 years due to several key factors. DESSs are inherently flexible, can be deployed rapidly, have the potential to provide multiple grid and customer benefits, and can generate multiple value streams. In addition, breakthroughs in adjacent digital technologies, including artificial intelligence, blockchain, and predictive analytics, are facilitating the emergence of DESSs as a key enabling technology for aggregated distributed energy resources (DER) solutions that are propelling DESS projects toward economic viability and improved bankability. Click to tweet: According to a new @NavigantRSRCH report, in 2019, North America, Western Europe, and Asia Pacific were expected to account for approximately 74.4% of the global DESS market.
“Much of the early success in these regions is the result of financial incentives and government support for energy storage and other DER,” says Ricardo F. Rodriguez, research analyst with Navigant Research. “Incentives and subsidies in each of these three markets, paired with support from utilities, have made DESSs an economical investment for many customers.”
According to the report, utilities around the world are recognizing the benefits of DESSs and launching programs to deploy DESSs on their electrical systems. Utility involvement, cost declines, government incentives, and increased solar PV integration are currently the primary growth drivers responsible for increased DESS deployments.
The report, Distributed Energy Storage Overview, provides an update on the market drivers, challenges, key trends, and growth projections for the global DESS industry, including battery energy storage systems, thermal energy storage systems, and remote microgrids. Additional insight is provided on the leading technologies and players across various elements of the DESS value chain. Forecasts segmented by region, technology, and application for power capacity (MW), energy capacity (MWh), and deployment revenue extend through 2028. An executive summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Guidehouse, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of clean, intelligent, mobile, and distributed energy. Additional information about Navigant Research can be found at www.navigantresearch.com.
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* The information contained in this press release concerning the report, Distributed Energy Storage Overview, 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 Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.