Energy storage enabling technology market reach $21.5bn by 2024

The energy storage enabling technology (ESET) market, in terms of global installed revenue, is expected to grow from $605.8m in 2015 to $21.5bn in 2024. The data comes from research performed by Navigant Research.

While battery prices have fallen anywhere from 40 per cent to 60 per cent in the past 18 months, ESSs still vary wildly in terms of price. This variation is a function of system size, volume ordering and business models.
Navigant logo
Now that battery prices have responded to cost pressures, the ESET portion of system cost is under intense scrutiny to deliver more consistent pricing. Once this happens, more transparency in overall ESS pricing is expected, allowing the industry to scale further.

The report, Energy Storage Enabling Technologies, covers three ESETs: power conversion (primarily inverters), system-level software and controls, and systems integration services.

The distribution of the market among the three ESET segments will be skewed toward systems integration. Power conversion revenue is expected to grow from $184.7m in 2015 to $5.7bn in 2024.

Because there is an expectation of regular innovation, cost pressures are expected to be less strong on software and controls. The highly variable pricing within the software space is expected to even out over the forecast period. Software and controls revenue is expected to grow from $16.7bn in 2015 to $65.3bn in 2024.

Systems integration services are expected to be the highest value piece of the ESET market. Labour prices are expected to buoy this portion of the market. Services will become more sophisticated as the market grows and customers become more perceptive, expecting more functionality from ESSs. Systems integration services revenue is expected to grow from $25.4bn in 2015 to $92.5bn in 2024.



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...