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Energy storage systems for microgrids to reach $4.2bn by 2024: report

Published 13 May 2014

The global market value for energy storage systems for microgrids is expected to reach about $4.2bn by 2024, from $662m in 2014, according to a new report from Navigant Research.

According to the report, the strongest market for energy storage for microgrids will be the grid-tied customer-owned microgrid segment in North America, which is supported by better growth in microgrids and favorable regulatory developments.

Technology adoption in North America is balanced between all technologies, with an emphasis on lithium ion (Li-ion) batteries, which are expected to have 40% market share in the region by 2024.

Navigant Research senior research analyst Anissa Dehamna said rapid expansion of the microgrid market over the next 10 years will drive increased demand for energy storage associated with the systems.

"Energy storage systems can also allow participation in deregulated ancillary service markets, further improving the economics of the overall system," Dehamna said.

The report, titled Energy Storage for Microgrids, analyzes the worldwide energy storage market in microgrids in six categories that include grid-tied customer-owned, grid-tied utility-owned, grid-tied military, remote customer-owned, remote utility-owned, and remote military microgrids.