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Energy storage-enabled applications are poised to disrupt energy markets, according to Navigant Research.
In the next 3-5 years, the energy storage industry is positioned to truly scale and echo the explosive growth seen in the solar photovoltaic industry.
Incremental improvements in energy storage technologies, developments in regional regulatory and market drivers, and emerging business models are poised to make energy storage a growing and viable part of the electricity grid.
“New players will be able to offer a suite of solutions that promote connected homes and robust energy options,” says Anissa Dehamna, principal research analyst with Navigant Research. “Evolving business models call for utilities to become more agile and not only address the generation, transmission, and distribution of electricity, but also focus more on grid services and develop customer-friendly solutions.”
The distributed energy resources sector on both the utility and customer sides of the meter will continue to create new opportunities for energy storage-enabled applications, according to the report. IT, telecommunications, and consumer product companies will continue to present a disruptive threat to utilities given their focus to date on energy and smart grid applications and their ability to extract value from data and customer relationships.