January 4 (Renewables Now) - Total annual revenue for energy storage for renewables integration (ESRI) is forecast to surpass USD 23 billion (EUR 19.1bn) by 2026, according to Navigant Research.
The projected growth, expected both for utility-scale and behing-the-metre (BTM) applications, is being fuelled by the falling prices in solar, wind and energy storage, research analyst Adam Wilson said.
“Interestingly, while utility-scale renewable prices are experiencing bigger declines, formidable drivers in the BTM market, such as peak shaving and incentive programs specific to energy storage, are expected to push the segment to account for roughly two-thirds of forecast global ESRI capacity through 2026,” he added.
Overall, energy storage systems (ESSs) are facilitating the integration of renewable energy sources without affecting grid reliability. Navigant Research noted that customers in the utility-scale and BTM markets are now offered greater flexibility in installing photovoltaic (PV) plants in combination with ESSs thanks to the expansion of solar power and the lower ESSs prices.