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October 16th, 2017 by Joshua S Hill
The installed capacity of energy storage for microgrids is expected to increase dramatically over the next decade, with nearly 15 gigawatts of new cumulative capacity and revenue worth $22.3 billion, according to a new report from Navigant Research.
Navigant Research published a new report earlier this month investigating energy storage for microgrids (ESMG), providing an analysis of expected trends and market dynamics through the next decade, until 2026. Unsurprisingly, the report concludes that interest in ESMG technology is increasing alongside the interest in solar PV and wind deployments. While energy storage systems are not inherently required for a microgrid to operate, Navigant concludes that storage systems have nevertheless emerged “as an increasingly valuable component to distributed energy networks because of their ability to effectively integrate renewable generation.”
The report’s key highlight predicts that through 2026 there will be a cumulative installation of 14,850.7 MW (megawatts) of new ESMG capacity with revenue of approximately $22.3 billion in revenue.
“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,” explained 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.”
Total annual capacity additions will increase from 238.4 MW in 2017 to 3,291.8 MW in 2026, led by the Asia Pacific and North America regions. Specifically, a cumulative 5,847.7 MW is expected to be installed in North America, and 5,572.6 MW in the Asia Pacific region.
Further, Navigant predicts that there will be “significant growth” across all microgrid market segments, led by the remote microgrid segment — remote systems being installed for village electrification, commodity extraction operations, and strengthening grid reliance on islands.