Asia Pacific is expected to spend nearly $11 billion on energy storage software in the next 10 years and become the largest market for that sector, according to a new report from Navigant Research.
Energy storage capacity is expensive, but growing exponentially around the world as utilities and grid leaders figure a way to combine renewable energies with resiliency. Breakthroughs in digital technologies, including the Internet of Things, machine learning and blockchain, are helping drive the battery storage transition.
Navigant estimated that Asia Pacific will account for close to $10.7 billion in cumulative energy storage system software vendor revenue through 2028. Its report, “Energy Storage Software,” analyzes the market with a focus on asset management, aggregation and grid services.
“Energy storage is flexible, can be deployed rapidly, has numerous applications, and can generate multiple value streams for utilities and their customers,” says Ricardo F. 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.”
China possibly will grow into the biggest ESS market within the Asia Pacific region. Its cumulative storage capacity could leap from less than 500 MW this year to 12.5 GW or 32 GWh in only five years, according to an earlier report from Wood Mackenzie.
Japan and South Korea also are speeding up their adoption of ESS technologies and battery storage capacity, according to various reports. Pike Research estimated that market value could top $12 billion in that region within three years.
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Energy Storage Breakthroughs will offer numerous sessions on the growing sector at POWERGEN International, happening Nov. 19-21 in New Orleans. POWERGEN also will offer a Knowledge hub centered around Energy storage and Decentralized Energy on the exhibit floor.
Among the presenters in the Energy Storage Breakthroughs summit sessions include industry leaders from AEP Onsite Partners, Louisville Gas & Electric/Kentucky Utilities, Burns & McDonnell, Mitsubishi Hitachi Power Systems Americas, Fluence and LG Chem.