According to the report, the market will record a 34.8% growth during the forecast period.
Utility-scale energy storage capacity is expected to increase from 1,557.0MW in 2019 to 22,909.2MW in 2028.
Key factors driving the market include:
- The emergence of solar plus storage projects.
- Standardisation both in terms of technical designs and contract structures.
Alex Eller, a senior research analyst at Navigant Research, said: “A key trend seen around the world is that the early stages of a market’s development typically include projects that are smaller and focused on single applications, often grid stability services such as frequency regulation.
“As markets mature, such as the US, Germany and Australia, new projects tend to shift to target more substantial multi-revenue stream opportunities for capacity and reserve services, including combined renewables plus storage plants.”