Energy Storage Revenue Expected to Increase by $9.9 Billion by 2025
By Editors of Power Engineering
A new report from Navigant Research indicates annual revenue for commercial and industrial energy storage should increase by $9.9 billion by 2025.
The report indicates various market developments, including decreasing prices for batteries and other storage system components, have helped make energy storage systems more economical.
“The landscape of vendors offering C&I ESSs is growing increasingly diverse and competitive as vendors approach the market from different angles,” says Alex Eller, research analyst with Navigant Research. “Given the significant variations in energy use and building load profiles, it can be difficult for vendors to offer a single, standardized system that will meet a customer’s needs, so there is pressure for more flexible systems.”
The report noted global carbon reduction policies should also support the growth of energy storage.