Global solar photovoltaic plus energy storage microgrid revenue is expected to grow from $1.2 billion in 2015 to $23.1 billion in 2024, according to Navigant Research.
A new report from Navigant Research examines the global market for solar photovoltaics plus energy storage microgrids, including an analysis of market issues, with forecasts for capacity and revenue, through 2024.
During the last year, partnerships between solar PV companies and energy storage system providers have increased rapidly, with their synergies giving way to a related microgrid market.
Nanogrids, small, modular distribution networks, are considered the antithesis of the bigger-is-better economies of scale thinking that has guided energy resource planning over much of the past century.
“This segment of the microgrid market has shown incredible traction just within the last few years, due in large part to the decline in costs of both solar PV and advanced energy storage technologies such as lithium ion batteries,” says Peter Asmus, principal research analyst with Navigant Research. “Other factors have been creative business models, regulatory reforms, and an explosion of investment in creating a new distributed energy resource landscape.”
The critical determining factor shaping the future of the solar PV plus energy storage microgrid market is the controls platforms enabling both economic and resiliency services, according to the report. In addition, the question of what role utilities will play in the market—whether they’ll be in opposition or open to creative collaboration—is also expected to determine its evolution.