A new report from Navigant
Research analyzes the global and regional drivers behind increased
residential energy storage system (RESS) deployments, providing capacity
and revenue forecasts, broken out by region and battery technology,
through 2028.
Utility involvement, cost declines, government incentives, and increased
solar PV integration are driving increased RESS deployments. Over the
coming years, the demand for RESSs will be highly concentrated in select
markets before spreading to other areas. Click
to tweet: According to a new report from @NavigantRSRCH,
in 2019, Australia, Germany, Japan, and the US are expected to account
for 71% of the global RESS market.
“RESSs can be a highly flexible and valuable resource, improving
efficiencies for system owners and the power grid,” says Ricardo
Rodriguez, research analyst with Navigant Research. “While a handful of
markets will lead the way for neighboring countries in their regions,
overall, Asia Pacific, Western Europe, and North America are forecast to
account for the majority (99%) of the global RESS market from 2019 to
2028.”
The market for residential battery storage has been driven primarily by
early adopters concerned with the environment or self-sufficiency more
than economic self-interest. According to the report, many utilities see
RESSs as an avenue to improve their services and relationships with
customers at a time when new technologies are presenting a real risk of
load defection. In recognizing these benefits, particularly the ability
to reduce congestion on the network and limit the need for peak capacity
resources, utilities around the world have launched programs to deploy
RESSs.
The report, Residential
Energy Storage, analyzes global and regional drivers behind
increased RESS deployments. The study examines utility involvement, cost
declines, government incentives, and increased solar PV integration, as
well as barriers to deployment. Capacity and revenue forecasts, broken
out by region and battery technology, extend through 2028. The report
also discusses emerging market participation models that enable
continued RESS growth around the world. An Executive Summary of the
report is available for free download on the Navigant
Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides
market research and benchmarking services for rapidly changing and often
highly regulated industries. In the energy sector, Navigant Research
focuses on in-depth analysis and reporting about global clean technology
markets. The team’s research methodology combines supply-side industry
analysis, end-user primary research and demand assessment, and deep
examination of technology trends to provide a comprehensive view of
clean, intelligent, mobile, and distributed energy. Additional
information about Navigant Research can be found at www.navigantresearch.com.
About Navigant
Navigant Consulting, Inc. is a specialized, global professional services
firm that helps clients take control of their future. Navigant’s
professionals apply deep industry knowledge, substantive technical
expertise, and an enterprising approach to help clients build, manage
and/or protect their business interests. With a focus on markets and
clients facing transformational change and significant regulatory or
legal pressures, the Firm primarily serves clients in the healthcare,
energy and financial services industries. Across a range of advisory,
consulting, outsourcing, and technology/analytics services, Navigant’s
practitioners bring sharp insight that pinpoints opportunities and
delivers powerful results. More information about Navigant can be found
at navigant.com.
* The information contained in this press release concerning the
report, Residential Energy Storage, is a summary and reflects
Navigant Research’s current expectations based on market data and trend
analysis. Market predictions and expectations are inherently uncertain
and actual results may differ materially from those contained in this
press release or the report. Please refer to the full report for a
complete understanding of the assumptions underlying the report’s
conclusions and the methodologies used to create the report. Neither
Navigant Research nor Navigant undertakes any obligation to update any
of the information contained in this press release or the report.
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