Navigant Research Report Shows North American Annual Power Capacity Deployments of Commercial & Industrial Thermal Energy Storage Systems Expected to Near 70 MW in 2027
Technical, environmental, economic, and regulatory factors are
driving interest in thermal energy storage technologies, particularly
grid-interactive water heaters and ice-based systems
A new report from Navigant
Research examines the global market drivers and barriers influencing
the deployment of behind-the-meter residential and commercial and
industrial (C&I) thermal energy storage systems (TESSs).
As the behind-the-meter (BTM) distributed energy storage market matures,
residential and C&I customers are seeking low cost distributed energy
storage systems tailored for specific sector needs. BTM TESSs, which
store thermal energy by heating or cooling a storage medium so that the
stored energy can be used later for heating and cooling applications,
are emerging as an important technology that can provide cost and energy
savings for system owners and the power grid. Click
to tweet: According to a new report from @NavigantRSRCH,
annual power capacity deployments of C&I TESSs in North America are
expected to increase from 6.6 MW in 2018 to 68.8 MW in 2027,
representing a compound annual growth rate (CAGR) of 29.8%.
“Primarily a strategic technology, BTM TESSs enable owners to optimize
energy bill management strategies, participate in utility-sponsored
demand response programs, and meet corporate or government
sustainability goals,” says Ricardo Rodriguez, research analyst with
Navigant Research. “These systems also provide resilient backup energy
and deliver grid benefits to regional transmission
organizations/independent system operators and local distribution system
utilities.”
The emerging confluence of technical, environmental, economic, and
regulatory factors is driving interest in thermal energy storage
technologies, particularly grid-interactive water heaters (GIWHs) and
ice-based systems, according to the report. However, the market for
residential and C&I TESSs will be highly concentrated in select markets
over the coming years due to the diversity of utility programs and rate
structures, source energy composition of electricity grids, and
variations in the heating and cooling demands of countries across the
globe.
The report, Thermal
Energy Storage, analyzes the global market drivers and barriers
influencing the deployment of BTM residential and C&I TESSs. The study
examines the key issues and customer dynamics that are driving increased
interest in TES technologies, specifically GIWHs and ice-based systems.
Global market forecasts, broken out by segment and region, extend
through 2027. The report also examines the major regional trends related
to residential and C&I TESSs, as well as the competitive landscape. 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, Thermal 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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