Global revenue from solar-plus-storage nanogrids to hit USD 23bn in 2024

Global solar photovoltaic (PV) plus energy storage nanogrid revenue is seen surging from USD 1.2 billion (EUR 1.05bn) this year to USD 23.1 billion in 2024, a new report from Navigant Research shows.

The research firm believes that linking distributed generation (DG) solar PV with batteries will soon become the most economical way to successfully incorporate such resources into today’s market landscape.

Peter Asmus, a principal research analyst at Navigant, says that the drop in costs of both solar PV and advanced energy storage technologies like lithium ion batteries has helped this nanogrid market segment gain “incredible” traction in the last few years. “Other factors have been creative business models, regulatory reforms, and an explosion of investment in creating a new distributed energy resource landscape,” he adds.

The report concludes that the controls platforms enabling both economic and resiliency services represent the most important factor for the future of the particular market. Whether utilities will hinder or support the development of such small distribution networks is also of key importance, Navigant says.

(USD 1.0 = EUR 0.879)

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