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Navigant Research, a US market research institution, recently released a report that the global demand for energy storage for power grids and ancillary services will reach 1220.
7 MW in 2018
.
As the technology and market mature, as well as the availability of financing, regulatory favorability, and innovative business models are driving the unprecedented growth
of this market.
This energy storage demand is expected to increase to 29,300.
5 MW by 2027
.
Alex Eller, senior research analyst at Navigant Research, explains, "Despite slower-than-expected growth in 2017, grid demand for the energy storage market is expanding
rapidly.
Key trends contributing to growth include drastically reducing the construction time of new projects, as well as the availability of financing driven by greater investor confidence and the participation of
large players through recent mergers, acquisitions, and new market players.
”
According to the report, many countries have recently seen significant increases in renewable energy generation, but energy reserves have not yet been guaranteed
.
As the price of energy storage systems (ESS) continues to fall, project developers can effectively build, integrate energy storage systems and monetize
them along with renewable energy.
Navigant Research, a US market research institution, recently released a report that the global demand for energy storage for power grids and ancillary services will reach 1220.
7 MW in 2018
.
As the technology and market mature, as well as the availability of financing, regulatory favorability, and innovative business models are driving the unprecedented growth
of this market.
This energy storage demand is expected to increase to 29,300.
5 MW by 2027
.
Alex Eller, senior research analyst at Navigant Research, explains, "Despite slower-than-expected growth in 2017, grid demand for the energy storage market is expanding
rapidly.
Key trends contributing to growth include drastically reducing the construction time of new projects, as well as the availability of financing driven by greater investor confidence and the participation of
large players through recent mergers, acquisitions, and new market players.
”
According to the report, many countries have recently seen significant increases in renewable energy generation, but energy reserves have not yet been guaranteed
.
As the price of energy storage systems (ESS) continues to fall, project developers can effectively build, integrate energy storage systems and monetize
them along with renewable energy.
