RESEARCH REPORT. Executive Summary: Energy Storage Tracker 3Q14

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1 RESEARCH REPORT Executive Summary: Energy Storage Tracker 3Q14 Global Energy Storage Installations: Market Share Data, Industry Trends, Market Analysis, and Project Tracking by World Region, Technology, Application, and Market Segment NOTE: This document is a free excerpt of a larger report. If you are interested in purchasing the full report, please contact Navigant Research at research-sales@navigant.com. Published 3Q 2014 Anissa Dehamna Senior Research Analyst Mackinnon Lawrence Research Director

2 Section 1 EXECUTIVE SUMMARY 1.1 Introduction Navigant Research s Energy Storage Tracker identifies key trends in the market by tracking the primary characteristics of the world s energy storage projects on a quarterly basis. This Tracker captures the following information for each project:» Region» Technology» Market segment» Status» Applications» Funding (where available)» Technology vendor (where available)» Systems integrator (where available)» Key milestones (where available) such as year announced, funded, and commissioned The goal of the Tracker is to provide a comprehensive resource of all energy storage projects worldwide. The energy storage market is dynamic, but it is still immature where many technologies are concerned particularly as new technologies continue to enter the market. In addition, as the industry matures, companies continue to reposition themselves along the supply chain in order to play to their strengths. By systematically collating publicly available data on all projects around the globe (697 projects with 1,160 systems in all), the Energy Storage Tracker allows Navigant Research to identify trends on a wide-scale basis. In addition to site, region, technology, size, duration, and market segment, the database tracks the status of energy storage projects (inactive, announced, funded, under construction, delivered, or deployed), up to three applications, and funding profiles. 1

3 1.2 Market Activity in Incumbent pumped storage installations often distort market share in energy storage, and the market has started moving quickly across a number of technologies. In an effort to illustrate recent market traction and growth, the market share for announced projects is shown in Chart 1.1. The regions of Eastern Europe, Latin America, and Africa are excluded from this chart, as there have been no significant newly announced projects in those regions during this timeframe. In total, Navigant Research estimates MW of projects have been announced in the period with an almost equal distribution between North America (103.3 MW), Asia Pacific (100.5 MW), and Western Europe (91.1 MW). Chart 1.1 New Announced Projects, Excluding Pumped Storage, World Markets: Advanced Lead-Acid Flow Battery Hybrid LAES Power-to-Gas Sodium Metal Halide Zinc Anode Battery CAES Flywheel Li-Ion NaS Battery Sodium Ion Thermal (MW) North America Western Europe Asia Pacific Middle East Global (Source: Navigant Research) The period has been particularly active for lithium ion (Li-ion) technology, with MW announced in the past 2 years. Currently, MW of Li-ion has been deployed globally, including a portion of the announcements during this period. Sodium sulfur (NaS) batteries thanks to a new deal in Italy and a renewed deal and the United Arab Emirates are the second leading energy storage technology in regard to new market activity. These two projects represent the largest battery deals in the past 2 years and belie the manufacturing investments that NGK Insulators has made to be able to secure such large orders. 2

4 Flow batteries, particularly in Asia Pacific, account for 6% of the new market activity in the past 2 years, with 21.8 MW announced globally. Flywheel activity in the period is also high, with 15.0 MW announced, accounting for 4.1% of new market activity. This represents 3.2% of the total global market activity for energy storage, which is particularly noteworthy considering the small number of grid-scale flywheel providers. 3

5 Section 6 TABLE OF CONTENTS Section Executive Summary Introduction Market Activity in Section Current Market Outlook Leading Regions and Technologies for Energy Storage Systems Global Pipeline by Region and Technology... 5 Section Vendor Market Share Deployed Market Share by Technology Vendor Pipeline Market Share by Technology Vendors... 8 Section Company Directory Section Acronym and Abbreviation List Section Table of Contents Section Table of Charts and Figures

6 Section Scope of Study Sources and Methodology Notes

7 Section 7 TABLE OF CHARTS AND FIGURES Chart 1.1 New Announced Projects, Excluding Pumped Storage, World Markets: Chart 2.1 Deployed Capacity by Technology and Region, Excluding Traditional Pumped Storage, World Markets: 3Q Chart 2.2 Pipeline Capacity by Technology and Region, World Markets: 3Q Chart 3.1 Chart 3.2 Deployed Capacity Market Share by Top 20 Technology Vendors, Excluding Traditional Pumped Storage, World Markets: 3Q Pipeline Capacity Market Share by Top 20 Technology Vendors, Excluding Traditional Pumped Storage, World Markets: 3Q

8 Section 8 SCOPE OF STUDY Navigant Research has prepared this report to provide participants in the emerging energy storage market (equipment and hardware vendors, utilities, software companies, installation and service providers, and other system component manufacturers) with a database of global energy storage deployments. The Energy Storage Tracker has a focus on new market activity and market share analysis for energy storage technologies, applications, market segments, and supply chain. This Tracker s purpose is to provide comprehensive documentation of the progress of energy storage deployment announcements across all global regions and across all technologies. Navigant Research pays particular attention to emerging technologies. SOURCES AND METHODOLOGY Navigant Research s industry analysts utilize a variety of research sources in preparing Research Reports. The key component of Navigant Research s analysis is primary research gained from phone and in-person interviews with industry leaders including executives, engineers, and marketing professionals. Analysts are diligent in ensuring that they speak with representatives from every part of the value chain, including but not limited to technology companies, utilities and other service providers, industry associations, government agencies, and the investment community. Additional analysis includes secondary research conducted by Navigant Research s analysts and its staff of research assistants. Where applicable, all secondary research sources are appropriately cited within this report. These primary and secondary research sources, combined with the analyst s industry expertise, are synthesized into the qualitative and quantitative analysis presented in Navigant Research s reports. Great care is taken in making sure that all analysis is well-supported by facts, but where the facts are unknown and assumptions must be made, analysts document their assumptions and are prepared to explain their methodology, both within the body of a report and in direct conversations with clients. Navigant Research is a market research group whose goal is to present an objective, unbiased view of market opportunities within its coverage areas. Navigant Research is not beholden to any special interests and is thus able to offer clear, actionable advice to help clients succeed in the industry, unfettered by technology hype, political agendas, or emotional factors that are inherent in cleantech markets. 16

9 NOTES CAGR refers to compound average annual growth rate, using the formula: CAGR = (End Year Value Start Year Value) (1/steps) 1. CAGRs presented in the tables are for the entire timeframe in the title. Where data for fewer years are given, the CAGR is for the range presented. Where relevant, CAGRs for shorter timeframes may be given as well. Figures are based on the best estimates available at the time of calculation. Annual revenues, shipments, and sales are based on end-of-year figures unless otherwise noted. All values are expressed in year 2014 U.S. dollars unless otherwise noted. Percentages may not add up to 100 due to rounding. 17

10 Published 3Q Navigant Consulting, Inc Pearl Street, Suite 300 Boulder, CO USA Tel: Navigant Research has provided the information in this publication for informational purposes only. The information has been obtained from sources believed to be reliable; however, Navigant Research does not make any express or implied warranty or representation concerning such information. Any market forecasts or predictions contained in the publication reflect 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 the publication. Navigant, and its subsidiaries and affiliates hereby disclaim liability for any loss or damage caused by errors or omissions in this publication. Any reference to a specific commercial product, process, or service by trade name, trademark, manufacturer, or otherwise, does not constitute or imply an endorsement, recommendation, or favoring by Navigant Research. This publication is intended for the sole and exclusive use of the original purchaser. No part of this publication may be reproduced, stored in a retrieval system, distributed or transmitted in any form or by any means, electronic or otherwise, including use in any public or private offering, without the prior written permission of Navigant Consulting, Inc., Chicago, Illinois, USA. Note: Government data and other data obtained from public sources found in this report are not protected by copyright or intellectual property claims. 18