News Article

Revenue from Energy Storage for Microgrids to Total More Than $22 Billion in the Next Decade

japan microgrids

NEW YORK -

A new report from Navigant Research examines the global market for energy storage for microgrids (ESMG), providing an analysis of trends and market dynamics, with forecasts for capacity and revenue that extend through 2026.

Interest in energy storage-enabled microgrids is growing alongside an increase in solar PV and wind deployments. Although not required for microgrids to operate, energy storage systems (ESSs) have emerged as an increasingly valuable component of distributed energy networks because of their ability to effectively integrate renewable generation.

“There are several key drivers resulting in the growth of energy storage-enabled microgrids globally, including the desire to improve the resilience of power supply both for individual customers and the entire grid, the need to expand reliable electricity service to new areas, rising electricity prices, and innovations in business models and financing,” says Alex Eller, research analyst with Navigant Research. “Innovations in business models and financing will likely play a key role in the expansion of the ESMG market during the coming years.”

According to the report, the most successful companies in this industry will be those that can unlock the potential of new business models to reduce the risk and upfront costs to customers. This is particularly true in Asia Pacific and North America, which are projected to be the largest regional markets for new ESMG capacity by far.

The report, “Market Data: Energy Storage for Microgrids,” outlines the key market drivers and barriers within the global ESMG market. The study provides an analysis of specific trends and market dynamics for each major world region to illustrate how different markets are taking shape. Global ESMG forecasts for capacity and revenue, segmented by region, technology, and market segment, extend through 2026. The report also briefly examines the major technology issues related to ESSs for microgrids.

Google made energy storage news recently when its parent company Alphabet announced it is hoping to revolutionize renewable energy storage using vats of salt and antifreeze. Alphabet’s secretive research lab, simply named “X,” is developing a system for storing renewable energy that would otherwise be wasted. The project, named “Malta,” is hoping its energy storage systems “has the potential to last longer than lithium-ion batteries and compete on price with new hydroelectric plants and other existing clean energy storage methods, according to X executives and researchers,” reports Bloomberg.

Related News

ontario power lines

Ontario takes constitutional challenge of its global adjustment electricity fee to Supreme Court

TORONTO - The Ontario government wants the Supreme Court of Canada to weigh in on a constitutional challenge being brought against a large provincial electricity charge, a case the province claims raises issues of national importance.

Ontario’s attorney general and its Independent Electricity System Operator applied for permission to appeal to the Supreme Court in January, according to the court’s website.

The province is trying to appeal a Court of Appeal for Ontario decision from November that said a legal challenge by Hamilton, Ont.-based National Steel Car Ltd. should be sent back to a lower-court for a full hearing.

Court reinstates constitutional challenge…

READ MORE
andrew cuomo

New York State Moratorium on Utility Disconnections During Emergencies

READ MORE

bc home use

BC Hydro says province sleeping in, showering less in pandemic

READ MORE

electricity digitransformation

Disrupting Electricity? This Startup Is Digitizing Our Very Analog Electrical System

READ MORE

fusion reactor iter

Why the promise of nuclear fusion is no longer a pipe dream

READ MORE