Stored energy: Report examines growing opportunities for energy storage systems
Energy management: A recent report from Navigant Research examines the growing opportunities for energy storage systems (ESSs) to provide services to the grid, with global market forecasts for power capacity, energy capacity, and revenue, segmented by region, technology, and application, through 2025.
Utilities and grid operators are showing increased interest in energy storage for the grid and ancillary services (ESGAS) due in part to the rapidly falling systems costs, particularly for battery ESSs. However, many ESS developers still see a significant need for education throughout the industry and believe these systems should have their own rules and be treated as a unique technology in regulatory structures.
“Grid operators and regulators are beginning to recognize the value of ESSs for multiple services,” says Alex Eller, research analyst with Navigant Research. “Due to the maturation of the industry, the financial community is growing more comfortable with investments in energy storage, further lowering the cost to deploy systems and accelerating the industry.”
Differences in energy market structures and grid needs around the world will result in ESGAS markets with unique needs, according to the report. This dynamic highlights how important it is to have flexible offerings in both technologies and business models to succeed in the increasingly competitive ESGAS industry.
The report, Energy Storage for the Grid and Ancillary Services, explores the growing opportunities for ESSs to provide numerous services to the grid and how these markets will evolve in the coming decade.
