A report from Navigant Research has estimated that revenue from energy storage technology could exceed US$21 billion annually by 2024.
Global revenue from energy storage enabling technologies (ESET) is predicted to grow from $605 million this year to more than $21 billion by 2024.
The report focused on 4 main segments: utility-scale storage, community storage, residential storage and commercial storage. Supporting technologies for energy storage systems include power conversion (usually inverters), system-level software and controls, and system integration services.
However, the market will most likely be skewed towards system integration, due to its need for labour. Power conversion deals with hardware, thus the potential for cost reduction is directly dependent on manufacturing initiatives.
Anissa Dehamna, principal research analyst with Navigant Research, says that as battery prices have responded to cost pressures, the ESET portion of system cost “are starting to follow suit”. This is evidenced by the report which showed falling battery prices between 40-60% over the last 18 months aided by manufacturing innovations and volumes.
If you want to know more about this and other topics directly from end users of energy storage technologies join us at one of these annual events: The Energy Storage World Forum (Grid Scale Applications), or The Residential Energy Storage Forum, or one of our Training Courses.