The global market for commercial and industrial (C&I) energy storage could be worth $10.8bn in 2025, up from $986.4m in 2016, according to a report by Navigant Research.
The report, Market Data: Commercial & Industrial Energy Storage, said the capacity of C&I energy storage systems could rise to 9.1GW in 2025 from just under 500MW this year.
But, despite substantial market growth in the past two years, the C&I energy storage market remains in its infancy throughout most of the world, it added.
“Ongoing challenges include poor understanding and undervaluation by stakeholders, however, regulatory reforms and technological advances are expected to help bring C&I energy storage into the mainstream,” Navigant said.
Navigant research analyst Alex Eller said: “The industrial building segment is expected to be the largest, deploying an estimated 9.3GW of cumulative new capacity over the coming decade, followed by the office and education building segments.”
The report analyses the global market for C&I energy storage, with a focus on advanced lead-acid, flow and lithium ion (Li-ion) batteries.
It provides an overview of the market developments, technology trends and business models that are converging to drive growth during the next 10 years.
Image: Panasonic battery storage (Panasonic)
