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Energy Storage for Ancillary Services Will Surpass $3.8 Billion in Annual Revenue by 2023

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.

Contact: Richard Martin

+1.303.493.5483

richard.martin@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.

Posted in Newsroom
Source navigantresearch.com

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