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.
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.”
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.
A 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.