Image: Navigant Research.
The market for power conversion systems (PCS) used in energy storage is becoming “increasingly crowded” with competitors, while the diverse field of players will contribute to “rapid technological innovations and price reductions”, Navigant Research has said.
Due to it being home to some of the largest and fastest growing markets for energy storage, the Asia-Pacific region could represent as much as 43.2% of the overall global market cumulatively for energy storage PCS.
Navigant also added that while North America is likely to see a higher capacity of energy storage installations in the next few years, Western Europe will deploy more distributed systems – at higher price points – than North America, meaning revenues from PCS market will be higher.
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