Integrated storage and renewables tipped to be worth $23bn by 2026

The global energy storage and renewables integration (ESRI) will be worth more than $23bn by 2026, according to new analysis from clean energy researchers.

For businesses, energy storage helps to maintain reliable supply, reduce wastage and save money

For businesses, energy storage helps to maintain reliable supply, reduce wastage and save money

Navigant Research highlights energy storage as a crucial method to integrate renewable energy sources without affecting grid reliability. The group’s report examines the global market for ESRI, with a focus on utility-scale, commercial and industrial applications.

The study notes plummeting costs of solar and energy storage over the past five years. This trend has provided customers in both utility scale and behind-the-meter (BTM) greater flexibility in installing solar and storage systems, says Navigant Research, a trend it forecasts will continue over the next eight years.

Navigant Research analyst Adam Wilson said: “Interestingly, while utility-scale renewable prices are experiencing bigger declines, formidable drivers in the BTM market, such as peak shaving and incentive programmes specific to energy storage, are expected to push the segment to account for roughly two-thirds of forecast global ESRI capacity through 2026.”

Energy resilience

A host of experts have tipped the global energy storage market to mirror the rapid growth the solar industry has experienced over the past decade. Indeed, Bloomberg New Energy Finance (BNEF) predicts that the energy storage market will double six times by 2030.

previous energy storage forecast from BNEF suggested that energy storage system investments would cost $8.2bn annually by 2024, before reaching $250bn by 2040.

Energy storage provides grid stability during electricity outages and reduces the need to import electricity via interconnectors. For businesses, meanwhile, the technology helps to maintain reliable supply, reduce wastage and save money.

Energy managers from top companies such as British retailer M&S and property developer Landsec have revealed they are exploring the potential of battery storage technologies on their estates to boost energy resilience.

George Ogleby


Tags

| energy storage | renewables | solar | technology

Topics

Energy efficiency & low-carbon | Renewables
Click a keyword to see more stories on that topic, view related news, or find more related items.

Comments

You need to be logged in to make a comment. Don't have an account? Set one up right now in seconds!


© Faversham House Ltd 2018. edie news articles may be copied or forwarded for individual use only. No other reproduction or distribution is permitted without prior written consent.