A new report from Navigant Research analyzes the global and regional drivers behind increased residential energy storage system (RESS) deployments, providing capacity and revenue forecasts, broken out by region and battery technology, through 2028.
Utility involvement, cost declines, government incentives, and increased solar PV integration are driving increased RESS deployments. Over the coming years, the demand for RESSs will be highly concentrated in select markets before spreading to other areas. Click to tweet: According to a new report from @NavigantRSRCH, in 2019, Australia, Germany, Japan, and the US are expected to account for 71% of the global RESS market.
RESSs can be a highly flexible and valuable resource, improving efficiencies for system owners and the power grid, says Ricardo Rodriguez, research analyst with Navigant Research. While a handful of markets will lead the way for neighboring countries in their regions, overall, Asia Pacific, Western Europe, and North America are forecast to account for the majority (99%) of the global RESS market from 2019 to 2028.
The market for residential battery storage has been driven primarily by early adopters concerned with the environment or self-sufficiency more than economic self-interest. According to the report, many utilities see RESSs as an avenue to improve their services and relationships with customers at a time when new technologies are presenting a real risk of load defection. In recognizing these benefits, particularly the ability to reduce congestion on the network and limit the need for peak capacity resources, utilities around the world have launched programs to deploy RESSs.
The report, Residential Energy Storage, analyzes global and regional drivers behind increased RESS deployments. The study examines utility involvement, cost declines, government incentives, and increased solar PV integration, as well as barriers to deployment. Capacity and revenue forecasts, broken out by region and battery technology, extend through 2028. The report also discusses emerging market participation models that enable continued RESS growth around the world. 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 teams 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 clean, intelligent, mobile, and distributed energy. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is a specialized, global professional services firm that helps clients take control of their future. Navigants professionals apply deep industry knowledge, substantive technical expertise, and an enterprising approach to help clients build, manage and/or protect their business interests. With a focus on markets and clients facing transformational change and significant regulatory or legal pressures, the Firm primarily serves clients in the healthcare, energy and financial services industries. Across a range of advisory, consulting, outsourcing, and technology/analytics services, Navigants practitioners bring sharp insight that pinpoints opportunities and delivers powerful results. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, Residential Energy Storage, is a summary and reflects Navigant Researchs 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 reports 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.