03 Jan Integrated renewable energy storage to be worth $23 billion by 2026
A recent report by Navigant Research has revealed that global energy storage and renewables integration (ESRI) will be worth more than US$23 billion by 2026.
The clean technology market research and consulting team concluded that falling costs in global renewable energy projects will lead to burgeoning revenues in the ESRI field over the next eight years.
Navigant’s report underlines the vital importance of energy storage in integrating sources of renewable energy into national grids without affecting reliability.
The report also examines the global market for ESRI, focusing on utility-scale, commercial and industrial applications.
Navigant analyst Adam Wilson said: “Interestingly, while utility-scale renewable prices are experiencing bigger declines, formidable drivers in the behind-the-meter (BTM) market are expected to push the segment to account for roughly two-thirds of forecast global ESRI capacity through 2026.”
The global energy storage market has been widely tipped to experience a rapid phase of growth into the coming decades, with Bloomberg New Energy Finance (BNEF) predicting that the energy storage market will double six times by 2030.
In November 2017, Elon Musk’s Tesla completed construction of the world’s largest lithium-ion battery in South Australia. The 129MWh device has since provided back up power in just 0.14 seconds after a power plant suffered a drop in output.