Global Demand for Distributed Energy Storage Systems Predicted to Increase Almost 10-Fold by 2024
A recent report from Navigant Research has identified distributed energy storage systems (DESS) as one of the most rapidly growing markets in global energy storage, expected to increase by nearly 1000 percent in the next decade. In response to this increasing demand; utilities, grid operators, and governments have increased their support for storage installations located nearby retail electricity consumers.
“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.”
The increasing demand for DESS is a result of rapid innovations including the development of advanced battery chemistries, increased use of solar photovoltaics, operating & charging electric vehicles and home energy networks. These developments combined with intense competition are expected to cause global capacity to increase from 276 megawatts (MW) to 2,400 MW in 2018 and exceed 12,000 MW by 2024.
Navigant Research’s report examines the worldwide market for DESS’s, focusing on the strengths, weaknesses and opportunities of community, residential & commercial energy storage. It also provides predictions for power capacity, energy capacity and revenue up to the year 2024. These predictions are broken down by technology, application, region and ownership model.
