Energy storage tech revenue to exceed $21 billion annually by 2024

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Worldwide revenue from energy storage enabling technologies is expected to grow from $605 million annually in 2015 to more than $21 billion by 2024, according to a new report from Navigant Research.

A new report from Navigant Research analyzes the global market for energy storage technologies across four distinct market segments: utility-scale storage, community storage, residential storage and commercial storage, including global market forecasts through 2024.

The supporting technologies associated with energy storage systems include power conversion (primarily focused on inverters), system-level software and controls, and systems integration services. Forming a critical component of the energy storage value chain, these technologies face intensive scrutiny, as vendors come under pressure to deliver more consistent pricing.

“Now that battery prices have responded to cost pressures, the associated technologies — i.e., the energy storage technologies portion of system cost—are starting to follow suit,” says Anissa Dehamna, principal research analyst with Navigant Research. “Still, the energy storage technologies portion of the value chain will average more than of total system cost across all applications over the next 10 years.”

The distribution of the market among the three energy storage technologies segments will most likely be skewed toward systems integration, according to the report. Power conversion is a hardware market, so the ability to reduce costs is related directly to manufacturing strategies. As the market grows, the supply chain will respond, becoming more robust — much as the industry has seen with lithium ion battery cells.

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