Global Annual Deployments of Residential Energy Storage Systems Are Expected to Increase from 94.9 MW in 2016 to 3,773.3 MW in 2025, According to Navigant Research
Leading markets – Australia, Germany, Japan, and the U.S. –
expected to account for more than 80 percent of the global market for
residential energy storage in 2016, report finds
A new report from Navigant
Research examines trends in the residential energy storage industry,
providing an analysis of utility involvement, business models, and a
projected growth path, with global market forecasts for capacity and
revenue in major regions, through 2025.
Momentum in the residential energy storage industry is growing rapidly
as utilities begin to recognize the value residential energy storage
systems (RESSs) can provide. The growing popularity of these
systems—driven by a growing residential solar PV industry, falling
systems costs, rising electricity prices, and a push to improve
resiliency—holds enormous potential to dramatically alter the
electricity industry in terms of the grid’s physical structure, business
models, and utility-customer relationships. Click
to tweet: According to a new report from @NavigantRSRCH,
global annual deployments of RESSs are expected to increase from 94.9 MW
in 2016 to 3,773.3 MW in 2025.
“While the economics of RESSs to save customers money only pencil out in
certain markets, the involvement of utilities in this space opens
significant new opportunities for market growth,” says Alex Eller,
research analyst with Navigant Research. “Residential storage offers
numerous benefits for utilities, perhaps most notably the ability to
reduce congestion on the network and limit the need for new peak
capacity resources.”
The current residential energy storage market is highly concentrated in
select leading markets, including Australia, Germany, Japan, and the
United States, which combined are expected to account for 81.4 percent
of the market. In some cases, according to the report, leading RESS
markets are also propelled by government subsidies, incentives, and
evolving utility rate structures.
The report, Residential
Energy Storage, explores trends in the residential energy
storage industry. The report provides an analysis of utility
involvement, business models, and how the industry will spread from
early adopter markets. Global market forecasts for capacity and revenue
in all major regions, including country-level forecasts for the top 10
country markets, extend through 2025. Although lithium ion (Li-ion)
batteries are expected to account for the vast majority of RESS capacity
during the forecast period, the report also provides forecasts for
advanced lead-acid and flow batteries. 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 a specialized, global professional services
firm that helps clients take control of their future. Navigant’s
professionals apply deep industry knowledge, substantive technical
expertise, and an enterprising approach to help clients build, manage
and/or protect their business interests. With a focus on markets and
clients facing transformational change and significant regulatory or
legal pressures, the Firm primarily serves clients in the healthcare,
energy and financial services industries. Across a range of advisory,
consulting, outsourcing, and technology/analytics services, Navigant’s
practitioners bring sharp insight that pinpoints opportunities and
delivers powerful results. More information about Navigant can be found
at navigant.com.
* The information contained in this press release concerning the
report, Residential 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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