Energy & Power
Distributed storage one of the fastest-growing markets for energy storage, report finds
By Renée Francoeur
March 18, 2015 – A recent report from Navigant Research has found that the market for distributed energy storage systems (DESSs) has surpassed industry expectations for growth and market volume in recent years.
The report, titled “Community, Residential, and Commercial Energy Storage,” analyzes the global market for DESSs, including global market forecasts for power capacity, energy capacity and revenue through to 2024.
“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.”
Navigant cites the development of advanced battery chemistries, particularly lithium ion (Li-ion) as the catalyst behind the growth. Additionally, the spread of solar photovoltaics, electric vehicles, electric vehicle charging, and home energy networks are all creating new applications and new demand for DESSs, it added.
By 2024, the report finds, total worldwide capacity is expected to exceed 12,000 MW. In 2018, worldwide capacity is expected to grow from 276 MW in 2015 to nearly 2,400 MW.
The study also examines the key technologies related to DESSs, as well as the competitive landscape.