NEW YORK, Jan. 26, 2015 /PRNewswire/ -- A confluence of market drivers in several key regional markets is making energy storage viable. Intermittent renewables have begun to undermine traditional energy assets in wholesale energy markets while creating instability in both energy markets and the grid system overall. In addition, several countries, including the United States, South Korea, and Japan, are pursuing aggressive market reforms and policies that are sending positive market signals for utility-scale energy storage.
Market challenges remain, however, as advances in cost reductions, supply chain development, and integration expertise are still underdeveloped across nearly every storage technology. The current market winners are vendors that have shifted away from being pure-play technology firms and developed systems integration expertise to complement their technology. Meanwhile, lithium ion (Li-ion) has established a clear lead in the market as the technology of choice in not only short-duration applications, but also bulk storage. According to Navigant Research, global installed energy storage for the grid and ancillary services (ESGAS) power capacity is expected to grow from 538.4 MW in 2014 to 20.8 GW in 2024.
This Navigant Research report analyzes the global market for ESGAS. Specifically, the applications analyzed in this study include arbitrage, electric supply reserve capacity, frequency regulation, grid asset optimization, load following, spinning reserve, transmission and distribution (T&D) upgrade deferral, utility-scale solar integration, utility-scale wind integration, and voltage support. Global market forecasts for power capacity, energy capacity, and revenue, segmented by region, technology, and application, extend through 2024. The report also examines the key technologies related to ESGAS, as well as the competitive landscape.
Key Questions Addressed:
How large is the global market for energy storage for the grid and ancillary services (ESGAS)?
Which technologies in bulk and short-duration energy storage will lead the market?
How quickly will the global market for bulk and short-duration energy storage grow and why?
What countries and global regions will lead the market for grid-scale energy storage?
Which markets should each ESGAS technology target and why?
Who needs this report?
Engineering, procurement, and construction (EPC) firms
Energy storage technology firms
Solar financing companies
Smart grid controls and software companies
Read the full report: http://www.reportlinker.com/p02375401-summary/view-report.html
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