According to Navigant Research, the Asia Pacific region is expected to hold 43.2% share of the global energy storage power conversion systems market through to 2027.
The study finds the global market continues to grow and innovate resulting in the introduction of new technologies including smart islanding, backup power, lower costs based on modern materials and designs and automated backup support.
The energy industry is increasing its use of power conversion systems as the technology has become a key solution to facilitate DER and grid integration. For instance, Navigant has identified an increase in implementation of regulation supporting the use of smart inverters for DER integration.
Asia Pacific is the largest and fastest growing energy storage market owing to an increase in penetration of distributed and renewable energy resources.
Alex Eller, senior research analyst with Navigant, said: “Although Asia Pacific is expected to control a large global share of the PCS market, North America and Western Europe will also see a high total capacity for new energy storage and large markets for PCS revenue.
“In addition, a much greater portion of Western Europe’s energy storage capacity is expected to come from distributed systems with higher price points.”
The study Innovations in Power Technology for Grid Storage analyses the four segments of the energy storage market: utility-scale, behind-the-meter (BTM) commercial and industrial (C&I), BTM residential, and remote/off-grid.