According to a recent report by Navigant Research, which has assessed the global market for energy storage for renewables integration (ESRI), states that the sector is expected to exceed US$23bn in the next eight years.
The report focuses on six utility-scale, commercial and industrial, and residential applications.
Due to the increasing reductions in the costs of energy projects, as well as the rise in policies and resilience, the capacity for solar and wind is set to continue to expand.
With more and more large-scale energy projects being developed the electrical grid is to face challenges, but additional energy storage solutions are expected to alleviate these problems.
“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,” said Adam Wilson, Research Analyst with Navigant Research.
“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.”