A report from Navigant Research analyzes the global market for utility-scale energy storage for both bulk and ancillary service applications.

As distributed, renewable power generation resources multiply and grid operators seek ways to balance loads across the system using an increasingly diverse range of assets, the demand for grid-scale energy storage is rising. The grid-scale energy storage market has developed in a disjointed fashion over the last several years, but now there are signals that the market is poised for significant expansion.

According to a recent report from Navigant Research, worldwide revenue from energy storage for the grid and ancillary services is expected to total $68.5 billion from 2014 through 2024.

“Developing energy storage that is viable for grid applications has been a goal of vendors and grid operators for a number of years,” says Anissa Dehamna, senior research analyst with Navigant Research. “Recently a number of factors, including the falling price for lithium-ion battery systems, have begun to converge to bring that goal close to fruition.”