Energy Storage for the Grid is expected to reach $15.6 Billion in annual Revenue by 2024

“The grid-scale energy storage market continues to develop in a piecemeal fashion, but there are signals that it is poised for significant expansion in the coming years,” says Anissa Dehamna, senior research analyst with Navigant Research.  “In particular, after several years of faltering growth, lithium ion batteries are emerging as the breakout technology in this sector.”

Still, the market challenges are significant for energy storage to be deployed widely on the grid.  The industry needs more systems integrators and financing models to succeed, according to the report, as there is more value in providing solutions at the end of the supply chain (such as systems integration, including power conversion systems and inverters) than in the core technologies.  As a result, technology vendors have been moving down the supply chain to filling in this void, the report concludes.

Read more: http://www.navigantresearch.com/newsroom/energy-storage-for-the-grid-is-expected-to-reach-15-6-billion-in-annual-revenue-by-2024