Energy Storage for Ancillary Services Will Surpass $3.8 Billion in Annual Revenue by 2023, Forecasts
Energy Storage for Ancillary Services Will Surpass $3.8 Billion in Annual Revenue by 2023, Forecasts Navigant Research
BOULDER, Colo.--(BUSINESS WIRE)-- Ancillary services, such as frequency regulation and voltage support, are required to maintain safe, reliable, and secure transmission of electricity on the grid. As the technical need for ancillary services grows over the next 10 years, the corresponding demand for energy storage systems (ESSs) that support these services will grow as well. According to a recent report from Navigant Research, worldwide revenue from ESSs for ancillary services will increase from less than $590 million in 2013 to more than $3.8 billion in 2023.
"With the integration of intermittent, distributed, renewable sources of power, the technical challenges of generating, transmitting, and distributing electricity are increasing," says Anissa Dehamna, senior research analyst with Navigant Research. "Along with the growing volatility of load and generation, moves toward deregulation in high economic growth markets, such as Asia Pacific, are highlighting the value of ESSs for ancillary services."
Mechanical technologies, such as pumped hydro, compressed air, and flywheels, continue to dominate the market for ESSs. However, the emergence of advanced battery chemistries, such as lithium carbonate, lithium titanate, and advanced lead-acid, promises to open a new era of innovation in energy storage technology, according to the report.
The report, "Energy Storage Systems for Ancillary Services", analyzes the global market for energy storage to provide ancillary services. The report provides a comprehensive assessment of the demand drivers and technology issues associated with the ancillary services market. Key industry players are profiled in depth and worldwide revenue and capacity forecasts, segmented by technology and region, extend through 2023. 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 the Smart Energy, Smart Utilities, Smart Transportation, Smart Industry, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant (NYS: NCI) is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, "Energy Storage Systems for Ancillary Systems," 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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