Navigant Research recently reported that revenue from energy storage systems (ESSs) increase from $590 million to $3.8 billion by 2023.
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.”
Though the ESS market is dominated by pumped hydro, compressed air, flywheels, and other similar technologies, the new advancements in battery chemistry technology will change the way batteries for storage are viewed.
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.
Read more at AZoCleantech.com.