Navigant Research Expects Total Annual Revenue for Energy Storage for Renewables Integration to Exceed $23 Billion by 2026

Utility-scale and behind-the-meter applications are expected to
experience the strongest growth, report finds

BOULDER, Colo.–(BUSINESS WIRE)–#ESRI–A new report from Navigant
Research examines the global market for energy storage for
renewables integration (ESRI), with a focus on six utility-scale,
commercial and industrial, and residential applications.

As costs for renewable energy projects drop and policies and resilience
demands increase, capacity for wind and solar PV continues to rise
across all regions and market segments. This uptick in large-scale
additions of variable forms of generation presents challenges to the
electrical grid, but energy storage systems (ESSs) are helping to
mitigate concerns and integrate renewable energy resources without
affecting grid reliability. Click
to tweet: According to a new report from @NavigantRSRCH,
total annual revenue for ESRI is expected to exceed $23 billion by 2026.

“Thanks to the continued drop in prices in energy storage, solar PV, and
wind, ESRI is forecast to see strong growth across both utility-scale
and behind-the-meter (BTM) applications,” says Adam Wilson, research
analyst with Navigant Research. “Interestingly, while utility-scale
renewable prices are experiencing bigger declines, formidable drivers in
the BTM market, such as peak shaving and incentive programs specific to
energy storage, are expected to push the segment to account for roughly
two-thirds of forecast global ESRI capacity through 2026.”

According to the report, solar PV has reached grid parity in several
locations around the globe and no longer requires policy incentives in
order to justify deployment in many markets. ESSs have also experienced
steady price decreases over the last 5 years and are establishing a
growing presence in the grid-tied and remote system markets. This has
provided customers in both utility-scale and BTM markets greater
flexibility in installing economically viable solar PV plus energy
storage systems.

The report, Energy
Storage for Renewables Integration, examines the global market
for ESRI, with a focus on six utility-scale, commercial and industrial,
and residential applications. The study provides an analysis of the
market issues, including business cases, drivers, and barriers,
associated with ESRI. Global market forecasts for capacity and revenue,
segmented by application and region, extend through 2026. The report
also examines the key technologies and costs related to utility-scale
and BTM renewables plus energy storage, as well as regional policy
incentives and resources for ESRI. 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, Energy Storage for Renewables Integration, 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.

Contacts

Navigant Research
Lindsay Funicello-Paul, +1-781-270-8456
[email protected]