Asia Storage
Image credit: Wikimedia

A new report from Navigant Research analyses the global market for energy storage systems (ESSs), providing forecasts of software vendor revenue for upfront system deployment and annual platform access/maintenance fees through 2028. 

As the energy storage market matures, technological progress and legislative and regulatory tailwinds have propelled ESS's to the forefront of industry consciousness. Breakthroughs in adjacent digital technologies, including the Internet of Things (IoT), machine learning, and blockchain, have engendered the creation of innovative software platforms that advance the technical capabilities, economic viability, and bankability of ESS's. According to the report, Asia Pacific is anticipated to be the largest regional market for energy storage software platforms. Driven by a rapidly growing battery ESS (BESS) market, the region is expected to account for $10.7 billion in cumulative software vendor revenue through 2028. 

“Energy storage is flexible, can be deployed rapidly, has numerous applications, and can generate multiple value streams for utilities and their customers,” says Ricardo Rodriguez, research analyst at Navigant Research. “ESS software platforms augment these capabilities and are evolving across market segments, enhanced by underlying digital technologies, to provide complex solutions.”

Related Stories:
-Global solar energy storage to record 63% growth
-At the sharp end of Asia’s energy transition – POWERGEN Asia interview

According to the report, software is expected to play an important role in the energy storage industry as power grids transition toward a distributed, digitised, and decentralised system that Navigant Research refers to as the Energy Cloud. Although energy storage is viewed as a key building block for the grid of the future, without sophisticated platforms for design and control, these systems have limited value. 

The report, Energy Storage Software, analyses the global market for ESSs with a focus on aggregation, asset management, and grid services. The study examines business models and pricing strategies for software vendors across three major grid-tied energy storage market segments: utility-scale, commercial and industrial (C&I), and residential. The report also examines the competitive landscape and key technologies related to ESSs. 

An Executive Summary of the report is available for free download on the Navigant Research website.

Are you part of the smart energy transition in Asia? If you want to share insights with the leading minds on the continent and around the globe, make sure you're at Asian Utility Week, co-located with POWERGEN Asia.

Asian Utility Week 2019