New Energy Storage Deployments in Asia Pacific’s Major Markets Are Expected to Total Nearly 37 GW from 2015 to 2025
A new report from Navigant Research examines the market for grid-tied energy storage systems (ESSs) in 22 countries, with forecasts for power capacity, energy capacity, and revenue, segmented by technology, through 2025.
While system costs remain one of the largest hurdles to the energy storage industry’s growth, declining prices are helping to move the technology into diverse geographic markets. Because energy storage is quickly becoming a flexible and cost-effective tool for users to control energy costs and for grid operators to manage network instability, several countries are projected to see substantial growth in deployments in the coming decade, with five country-level markets in Asia Pacific expected to experience the largest increases globally. Click to tweet: According to a new report from Navigant Research, new energy storage deployments in Asia Pacific’s five major markets are expected to total nearly 37 GW from 2015 to 2025.
“As the industry expands, different countries are expected to rely on different mixes of energy storage technologies and applications best suited to serve the needs of their local electricity grids,” says Alex Eller, research associate with Navigant Research. “As expected individual market leaders for energy storage, the United States and China are projected to have a more balanced mix of utility-scale and distributed storage deployments, while other countries are likely to heavily favor one application.”
The increasing amount of variable renewable energy generation being deployed in major markets worldwide, primarily solar photovoltaic and wind energy, is also driving interest in grid-tied energy storage technologies, according to the report. Despite their advantages, however, these variable forms of generation are also presenting new challenges to the electrical grid.