By Editors of Power Engineering
A new report indicates utility-scale energy storage will reach 42.7 GWh by 2025.
The report from Navigant Research indicates improved battery technology and market factors such as variable generation deployments, grid structure and stability, government support and market structure will drive the growth.
Revenue from energy storage is set to also increase, from $231.9 million in 2016 to $3.6 billion in 2025.
“Improvements in advanced battery energy storage technologies, developing regional regulatory and market drivers, and emerging new business models are poised to make utility-scale energy storage a growing and viable part of the electricity grid,” says William Tokash, senior research analyst with Navigant Research. “Market regulation changes are also expected to foster the development of new revenue business models that will support capital investment in energy storage systems (ESSs).”
The report also looks into the strengths and weaknesses of major battery chemistries and how they match specific applications.