Integrated renewables and batteries ‘to be worth $23bn by 2026’
The total annual revenue for the energy storage and renewable integration (ESRI) sector will exceed $23 billion (£17 billion) by 2026.
That’s according to a new report from Navigant Research, which says utility-scale and behind-the-meter applications are likely to experience the strongest growth.
The group says this will be driven by falling costs for renewable energy and battery projects, as well as increasing demand for more resilient energy systems.
It says energy storage systems, which have experienced steady price decreases over the last five years, are helping to mitigate the grid challenges caused by large additions of cheap renewables.
The Asia Pacific region is expected to lead ESRI deployment through the period, reaching an annual installed power capacity of 11,180MW in 2026.
Adam Wilson, Research Analyst at Navigant Research, said: “Thanks to the continued drop in prices in energy storage, solar and wind, ESRI is forecast to see strong growth across both utility-scale and behind-the-meter applications.”