The energy storage market for renewables is likely to be worth $23bn by 2026, according to a new report by Navigant Research.
The report – ‘Energy Storage for Renewables Integration (ESRI)’ – said as costs for renewable energy drop and demand increases there will be more need for storage projects to help provide grid reliability.
Navigant research analyst Adam Wilson said: ““Thanks to the continued drop in prices in energy storage, solar PV and wind, ESRI is forecast to see strong growth across both utility-scale and behind-the-meter (BTM) applications.
“Interestingly, while utility-scale renewable prices are experiencing bigger declines, formidable drivers in the BTM market, such as peak shaving and incentive programs specific to energy storage, are expected to push the segment to account for roughly two-thirds of forecast global ESRI capacity through 2026.”
The report analyses a variety of market issues, including business cases, drivers and barriers associated with the integration of storage and renewables.
It also examines the technologies and costs related to utility-scale and BTM renewables plus energy storage, as well as regional policy incentives and resources.