Navigant forecasts Asia Pacific to be largest market for energy storage software platforms; $10.7B in next decade
According to a new report from Navigant Research, Asia Pacific is anticipated to be the largest regional market for energy storage software platforms. Driven by a rapidly growing battery ESS (BESS) market, the region is expected to account for $10.7 billion in cumulative software vendor revenue through 2028.
As the energy storage market matures, technological progress and legislative and regulatory tailwinds have propelled ESSs to the forefront of industry consciousness. Breakthroughs in adjacent digital technologies, including the Internet of Things (IoT), machine learning, and blockchain, have engendered the creation of innovative software platforms that advance the technical capabilities, economic viability, and bankability of ESSs.
Energy storage is flexible, can be deployed rapidly, has numerous applications, and can generate multiple value streams for utilities and their customers. ESS software platforms augment these capabilities and are evolving across market segments, enhanced by underlying digital technologies, to provide complex solutions.—,Ricardo F. Rodriguez, research analyst at Navigant Research
According to the report, software is expected to play an important role in the energy storage industry as power grids transition toward a distributed, digitized, and decentralized system that Navigant Research refers to as the Energy Cloud. Although energy storage is viewed as a key building block for the grid of the future, without sophisticated platforms for design and control, these systems have limited value.