Report: Utility-Scale Energy Storage Expected to Grow 35% by 2028

(Credit: Pixabay)

Global new capacity additions of utility-scale energy storage (USES) are expected to reach 1,557.0 MW. This number is projected to grow at a compound annual growth rate (CAGR) of 34.8% to reach 22,909.2 MW of new capacity deployed in 2028.

That’s according to a new report from Navigant Research that examines the market drivers, challenges, key trends, and growth projections for the global USES industry, with forecasts for power capacity (MW), energy capacity (MWh), and deployment revenue, through 2028.

As the global USES industry continues its pattern of rapid growth, inflection points are arising around the world. The technology is becoming competitive with conventional power grid systems and, while the industry remains diverse, repeating trends are surfacing in the early adopter markets that have grown and become more mature.

The emergence of solar plus storage projects has been the most important trend seen in the global USES industry in the past 2 years, according to the report. These combined projects account for a large percentage of newly announced energy storage capacity, including some of the largest projects being built. Standardization among these new solar plus storage projects has been key to driving their growth, both in terms of technical designs and contract structures through combined power purchase agreements (PPAs).

The report, “Utility-Scale Energy Storage Overview,” provides an update on the market drivers, challenges, key trends, and growth projections for the global USES industry. Additional insight is provided on the leading technologies in the market and the leading players across various elements of the USES value chain.

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