BOULDER, Colo.–(BUSINESS WIRE)–A new report from Navigant Research examines the global market drivers and barriers influencing the deployment of behind-the-meter residential and commercial and industrial (C&I) thermal energy storage systems (TESSs).
As the behind-the-meter (BTM) distributed energy storage market matures, residential and C&I customers are seeking low cost distributed energy storage systems tailored for specific sector needs. BTM TESSs, which store thermal energy by heating or cooling a storage medium so that the stored energy can be used later for heating and cooling applications, are emerging as an important technology that can provide cost and energy savings for system owners and the power grid. Click to tweet: According to a new report from @NavigantRSRCH, annual power capacity deployments of C&I TESSs in North America are expected to increase from 6.6 MW in 2018 to 68.8 MW in 2027, representing a compound annual growth rate (CAGR) of 29.8%.
“Primarily a strategic technology, BTM TESSs enable owners to optimize energy bill management strategies, participate in utility-sponsored demand response programs, and meet corporate or government sustainability goals,” says Ricardo Rodriguez, research analyst with Navigant Research. “These systems also provide resilient backup energy and deliver grid benefits to regional transmission organizations/independent system operators and local distribution system utilities.”
The emerging confluence of technical, environmental, economic, and regulatory factors is driving interest in thermal energy storage technologies, particularly grid-interactive water heaters (GIWHs) and ice-based systems, according to the report. However, the market for residential and C&I TESSs will be highly concentrated in select markets over the coming years due to the diversity of utility programs and rate structures, source energy composition of electricity grids, and variations in the heating and cooling demands of countries across the globe.
The report, Thermal Energy Storage, analyzes the global market drivers and barriers influencing the deployment of BTM residential and C&I TESSs. The study examines the key issues and customer dynamics that are driving increased interest in TES technologies, specifically GIWHs and ice-based systems. Global market forecasts, broken out by segment and region, extend through 2027. The report also examines the major regional trends related to residential and C&I TESSs, as well as the competitive landscape. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Energy Technologies, Utility Transformations, Transportation Efficiencies, and Buildings Innovations sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is a specialized, global professional services firm that helps clients take control of their future. Navigant’s professionals apply deep industry knowledge, substantive technical expertise, and an enterprising approach to help clients build, manage and/or protect their business interests. With a focus on markets and clients facing transformational change and significant regulatory or legal pressures, the Firm primarily serves clients in the healthcare, energy and financial services industries. Across a range of advisory, consulting, outsourcing, and technology/analytics services, Navigant’s practitioners bring sharp insight that pinpoints opportunities and delivers powerful results. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, Thermal Energy Storage, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.