Navigant Research Report Shows Asia Pacific, Western Europe, and North America are Expected to Account for Nearly 90% of the Global Energy Storage for EV Charging Market Through 2027
Energy storage for EV charging provides many benefits to the greater EV charging market, including reduced demand charges and improved grid stability
BOULDER, Colo.: A new report from Navigant Research examines the global market for EV charging, providing market forecasts segmented by charger location, charger power level, technology, and region, extending through 2027
As energy storage becomes a key technology for front-of-the-meter and behind-the-meter applications, grid operators, commercial business owners, and homeowners are increasingly looking to storage solutions like energy storage for EV charging (ESEV) to help mitigate electricity reliability and cost issues. Click to tweet: According to a new report from @NavigantRSRCH, Asia Pacific, Western Europe, and North America are expected to account for nearly 90% of the global energy storage for EV charging market power capacity through 2027.
“Navigant Research believes several different solutions can address the peak demand of EVs and the associated charging issues, including EV charging strategies that contain the impact on the grid and the deployment of smart grid technologies like distributed generation, smart monitoring systems, and especially energy storage,” says Ian McClenny, research analyst for Navigant. “In addition, ESEV systems represent a solution to common problems EV customers face—cost and power supply issues in the form of harmonic currents and poor power factors because of non-linear charging equipment.”
According to the report, energy storage plays a fundamental role to the smart grid and the integration of the new power systems related to future EV charging stations. Navigant Research found the numerous benefits to the greater EV charging market provided by ESEV, including: reduced demand charges to customers, decreased charging times, reduction in customer range anxiety, a better business case for EV owners and charging station operators, improvement in grid stability, and reduction in carbon footprint for all parties involved.
This report, Energy Storage for EV Charging, examines the EV charging market, how energy storage can play a vital role, and key technology considerations that will drive this industry forward. The study analyzes the market issues, including market segmentation and the supply chain, associated with energy storage-enabled EV chargers. Global market forecasts, segmented by charger location, charger power level, technology, and region, extend through 2027. The report also examines the architectures related to ESEV, as well as how EV charging companies are teaming up with energy storage developers to learn how to integrate and monetize energy storage systems. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Energy Technologies, Utility Transformations, Transportation Efficiencies, and Buildings Innovations sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
About Navigant
Navigant Consulting, Inc. is a specialized, global professional services firm that helps clients take control of their future. Navigant’s professionals apply deep industry knowledge, substantive technical expertise, and an enterprising approach to help clients build, manage and/or protect their business interests. With a focus on markets and clients facing transformational change and significant regulatory or legal pressures, the Firm primarily serves clients in the healthcare, energy and financial services industries. Across a range of advisory, consulting, outsourcing, and technology/analytics services, Navigant’s practitioners bring sharp insight that pinpoints opportunities and delivers powerful results. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, Energy Storage for EV Charging, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.
