Market growth is anticipated to total 1.8 GW of energy storage for both C&I and residential healthcare applications
BOULDER, Colo.–(BUSINESS WIRE)–#COVID19–A new report from Guidehouse Insights provides global forecasts for annual deployments of new distributed energy storage (DES) projects in terms of power capacity (megawatts), energy capacity (megawatt-hours), and project deployment revenue, through 2030.
Driven by technological innovation, more flexible regulation, and the diverse customer benefits gained by adopting energy storage technologies, behind-the-meter (BTM) energy storage is experiencing continued growth globally. Due to extreme weather events such as wildfires, heatwaves, and cold winter storms, thousands and even millions of people are frequently left without power. For hospitals and residential patients, this can result in dangerous situations that may cost lives. Click to tweet: According to a new report from @WeAreGHInsights, the energy storage market for the healthcare industry is expected to experience a compound annual growth rate (CAGR) of 27.3%, with North America, Western Europe, and Asia Pacific leading in global power capacity additions.
“Energy storage for healthcare use is an innovative way to provide critical backup power for healthcare facilities and homes,” says Maria Chavez, research analyst with Guidehouse Insights. “Energy storage in hospitals and clinics is being driven by an increase in facility resilience and opportunities for time of use (TOU) and demand charge cost savings, while decreasing battery prices are making this technology more accessible to residential patients who may not be able be able to evacuate during a power outage.”
Still, a variety of barriers make energy storage a challenge in some cases. Large storage systems can take up critical space in hospitals and remote clinics often have limited resources to fund installation or subsequent maintenance of such a system. Residential customers are especially vulnerable to limited funding for home upgrades like battery storage systems. Increased financial support from outside sources, amplified awareness for residential customers, and a focus on gathering energy storage data specific to healthcare use cases are helping the market overcome these barriers to experience stronger growth in the coming years.
The report, Energy Storage and Solar PV for Healthcare Facilities, examines market drivers and barriers in the storage for healthcare industry and market trends for this topic across world regions. It also provides global forecasts for annual deployments of new distributed energy storage projects in terms of power capacity (megawatts), energy capacity (megawatt-hours), and project deployment revenue. These forecasts are separated by global region and customer segment. In addition, this report provides a review of the technology and market issues surrounding DES for healthcare, including in-home care and commercial clinics and hospitals. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges and navigate significant regulatory pressures with a focus on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that prepare our clients for future growth and success. The company has more than 8,000 professionals in over 50 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.
* The information contained in this press release concerning the report, Energy Storage and Solar PV for Healthcare Facilities, is a summary and reflects the current expectations of Guidehouse Insights 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 Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.