New Energy Storage Deployments in Asia Pacific’s Major Markets Are Expected to Total Nearly 37 GW from 2015 to 2025, According to Navigant Research
Variable renewable energy generation is driving interest in
grid-tied energy storage technologies, report finds
A new report from Navigant
Research examines the market for grid-tied energy storage systems
(ESSs) in 22 countries, with forecasts for power capacity, energy
capacity, and revenue, segmented by technology, through 2025.
While system costs remain one of the largest hurdles to the energy
storage industry’s growth, declining prices are helping to move the
technology into diverse geographic markets. Because energy storage is
quickly becoming a flexible and cost-effective tool for users to control
energy costs and for grid operators to manage network instability,
several countries are projected to see substantial growth in deployments
in the coming decade, with five country-level markets in Asia Pacific
expected to experience the largest increases globally. Click
to tweet: According to a new report from Navigant Research, new
energy storage deployments in Asia Pacific’s five major markets are
expected to total nearly 37 GW from 2015 to 2025.
“As the industry expands, different countries are expected to rely on
different mixes of energy storage technologies and applications best
suited to serve the needs of their local electricity grids,” says Alex
Eller, research associate with Navigant Research. “As expected
individual market leaders for energy storage, the United States and
China are projected to have a more balanced mix of utility-scale and
distributed storage deployments, while other countries are likely to
heavily favor one application.”
The increasing amount of variable renewable energy generation being
deployed in major markets worldwide, primarily solar photovoltaic and
wind energy, is also driving interest in grid-tied energy storage
technologies, according to the report. Despite their advantages,
however, these variable forms of generation are also presenting new
challenges to the electrical grid.
The report, Country
Forecasts for Grid-Tied Energy Storage, analyzes the capacity
and revenue of grid-tied energy storage systems that will be deployed in
major markets around the world. The forecasts cover both utility-scale
and distributed energy storage applications for the nine most popular
technologies in each country. This study also examines the key factors
contributing to the opportunities for energy storage in the 22 major
countries profiled. Country-level forecasts for power capacity, energy
capacity, and revenue by technology extend through 2025. 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 Navigant, 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 the
Energy Technologies, Utility Transformations, Transportation
Efficiencies, and Buildings Innovations sectors. Additional information
about Navigant Research can be found at www.navigantresearch.com.
About Navigant
Navigant Consulting, Inc. is an independent specialized, global
professional services firm that combines deep industry knowledge with
technical expertise to enable companies to defend, protect and create
value. With a focus on industries and clients facing transformational
change and significant regulatory and legal issues, the Firm serves
clients primarily in the healthcare, energy and financial services
sectors which represent highly complex market and regulatory
environments. Professional service offerings include strategic,
financial, operational, technology, risk management, compliance,
investigative solutions, dispute resolutions services and business
process management services. The Firm provides services to companies,
legal counsel and governmental agencies. The business is organized in
four reporting segments – Disputes, Investigations & Economics;
Financial, Risk & Compliance; Healthcare; and Energy. More information
about Navigant can be found at navigant.com.
* The information contained in this press release concerning the
report, Country Forecasts for Grid-Tied 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.
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