A recent report from Navigant Research says the global market for distributed energy storage systems (DESSs) is expected to grow from 276 MW in 2015 to nearly 2,400 MW in 2018.
Growth in this market is being fueled by the development of advanced battery chemistries, particularly lithium ion, according to the report. At the same time, solar photovoltaics, electric vehicles, electric vehicle charging and home energy networks are all creating new applications and new demand for DESSs. By 2024, the report finds, total worldwide capacity is expected to exceed 12,000 MW.
The focus of rapid innovation and intense competition, the market for DESSs has exceeded industry expectations for growth and market volume in recent years, Navigant says. Responding to this demand, grid operators, utilities and governments are encouraging storage installations that are physically situated closer to the retail electricity customer.
‘Distributed storage is among the fastest-growing markets for energy storage globally,’ says Anissa Dehamna, senior research analyst with Navigant Research. ‘In particular, residential and commercial energy storage are expected to be the focus of technological advances and market activity in the coming years.’
For more information on the report, ‘Community, Residential, and Commercial Energy Storage,’ click here.