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Utility-Scale Energy Storage Systems Integrators Assessment of Strategy and Execution for 14 Energy Storage Systems Integrators

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Utility-Scale Energy Storage Systems Integrators Assessment of Strategy and Execution for 14 Energy Storage Systems Integrators RESEARCH REPORT Navigant Research Leaderboard Report: Utility-Scale Energy Storage Systems Integrators Assessment of Strategy and Execution for 14 Energy Storage Systems Integrators Published 3Q 2016 Alex Eller Research Analyst Anissa Dehamna Principal Research Analyst Navigant Research Leaderboard Report: Utility-Scale Energy Storage Systems Integrators Section 1 EXECUTIVE SUMMARY 1.1 Market Introduction The energy storage systems integration (ESSI) market has grown increasingly competitive and crowded over the past year. The role of systems integrators has been a focal point for innovation in a rapidly growing storage industry in need of technical expertise and reputable vendors. Although the utility-scale energy storage industry has grown substantially in the past 2 years, expectations for the industry over the coming decade will dwarf previous developments. Worldwide, the industry is expected to generate $1.6 billion in revenue in 2016. This is anticipated to grow to $18.3 billion in annual revenue by 2025. Market growth and technological innovation is occurring much faster in the leading markets of North America, Western Europe, and Asia Pacific. While there are a number of competing storage technologies with differing characteristics matched for certain applications, battery energy storage systems (BESSs) are emerging as the leading technology worldwide. Thus, this Leaderboard Report is focused on battery technologies. According to Navigant Research’s Energy Storage for the Grid and Ancillary Services report, these technologies are expected to account for 75.3% of revenue from 2016 to 2025 in the global utility-scale energy storage market. The leading companies profiled in this study all specialize in the integration of BESSs. As the energy storage industry continues to develop, the role of the systems integrator is becoming increasingly important. Integrators are responsible for maximizing the value of a system by enabling all available revenue streams to be captured, ensuring constant availability, and maximizing system life. This balancing act requires substantial expertise, as the overall ROI of a project relies heavily on the systems integrator. Energy storage systems (ESSs) will increasingly be asked to provide the flexibility to serve a number of different applications ranging from short-duration and high-power ancillary services to long- duration time shifting of energy. Energy storage systems integrators (ESSIs) are responsible for managing this complexity by designing and optimizing systems that can provide the maximum value to both the grid and the system owners. An emerging trend in the ESSI space is the growing diversity of the backgrounds of leading players. In this study, there are companies with backgrounds in renewable project development, utility ownership, electrical grid equipment and services, battery manufacturing, civil and electrical engineering services, and developing innovative energy management systems (EMSs). This diversity is driving competition in the industry; companies emerging as Leaders have leveraged their backgrounds to provide a range of flexible solutions that include full turnkey project development. This model allows for a more open approach to meeting the needs of various customers and is expected to allow a company’s business to scale rapidly. ©2016 Navigant Consulting, Inc. Notice: No material in this publication may be reproduced, stored in a retrieval system, or transmitted by any means, in whole or in part, without the express written permission of Navigant Consulting, Inc. 1 Navigant Research Leaderboard Report: Utility-Scale Energy Storage Systems Integrators The companies included in this study each offer a mix of products and solutions, but are all considered systems integrators due to the services they provide. Systems integration services include a number of technical functions, system design, and follow-on services that transform hardware and software into an intelligent storage-based solution that delivers maximum ROI. This may include providing or procuring core technologies, power electronics, software and controls, and communications systems. Additionally, integrators are typically responsible for optimizing ESSs for safety and thermal management, securing interconnections, and providing or procuring engineering, procurement, and construction (EPC) services. This may include offering warranties and performance guarantees to reduce the investment risk taken on by customers. These companies have been actively offering storage integration services for a minimum of 2 years. The criteria by which ESSIs are compared in this Navigant Research Leaderboard Report include: • Vision • Go-to-Market Strategy • Partners • Production Strategy • Technology • Geographic Reach • Sales, Marketing, and Distribution • Product Performance • Product Quality and Reliability • Product Portfolio • Pricing • Staying Power Detailed descriptions of each criterion are provided in the “Criteria Definitions” section of this report. 1.2 The Navigant Research Leaderboard Grid The utility-scale energy storage market is expected to increasingly demand flexible systems capable of serving multiple applications and capturing a number of different revenue streams. The Leaders in this space will be companies with flexible offerings suited for a number of different grid services and customer types. The ESSI space is seeing a growing number of large corporations hoping to capitalize on the growth of energy storage, their technical expertise, and a strong presence in the utility industry. While some of these companies have only developed a handful of projects to date, they have the resources and ©2016 Navigant Consulting, Inc. Notice: No material in this publication may be reproduced, stored in a retrieval system, or transmitted by any means, in whole or in part, without the express written permission of Navigant Consulting, Inc. 2 Navigant Research Leaderboard Report: Utility-Scale Energy Storage Systems Integrators expertise to rapidly gain market share and are putting pressure on smaller firms to continue innovating. As shown in Chart 1.1, the vast majority of companies competing in this space fall in the Contenders category. While select Leaders have emerged from the pack, a growing number of companies are demonstrating the capability to become Leaders over the coming years. The Leaders have distinguished themselves by developing projects in multiple world regions targeting different applications and customers while having the resources and expertise required to evolve with the market’s demands. Chart 1.1 The Navigant Research Leaderboard Grid FOLLOWERS CHALLENGERS CONTENDERS LEADERS AES Energy Storage NEC Energy Solutions RES Greensmith S&C Electric Siemens Invenergy LG CNS GE Energy ABB Younicos Storage Leclanché NextEra Energy Resources Doosan Grid Tech Execution (1Energy Systems) Strategy (Source: Navigant Research) ©2016 Navigant Consulting, Inc. Notice: No material in this publication may be reproduced, stored in a retrieval system, or transmitted by any means, in whole or in part, without the express written permission of Navigant Consulting, Inc. 3 Navigant Research Leaderboard Report: Utility-Scale Energy Storage Systems Integrators Section 2 MARKET OVERVIEW 2.1 Introduction Navigant Research defines energy storage systems integration (ESSI) as: “Software and controls-based integration of core energy storage technology into complete, intelligent systems that deliver the performance required by the customer while ensuring the overall profitability of the system.” This section introduces the energy storage market landscape and defines market drivers, barriers, and trends that affect the widespread deployment of energy storage for grid and ancillary services (ESGAS). 2.2 Market Overview The global energy storage market can be broadly separated into two comprehensive segments: distributed and utility-scale. The main differences are the customer types, the physical location of the installation, the size of systems, ownership models, and applications/tasks the system will be performing in its environment. These factors will determine the complexity of a system in terms of grid interconnection, operating constraints, and daily tasks, which systems integrators must optimize for the end user. This report is exclusively focused on utility-scale energy storage systems (ESSs). The utility- scale storage sector has been gaining momentum in the past several years and is expected to continue growing rapidly over the coming decade. ©2016 Navigant Consulting, Inc. Notice: No material in this publication may be reproduced, stored in a retrieval system, or transmitted by any means, in whole or in part, without the express written permission of Navigant Consulting, Inc. 4 Navigant Research Leaderboard Report: Utility-Scale Energy Storage Systems Integrators As shown in Chart 2.1, the industry is expected to generate $1.6 billion in global revenue in 2016. This is anticipated to grow to $18.3 billion in annual revenue by 2025. Chart 2.1 Annual Installed Utility-Scale Energy Storage Revenue by Region, World Markets: 2016-2025 $20,000 North America $18,000 Western Europe $16,000 Eastern Europe Asia Pacific $14,000 Latin America $12,000 Middle East Africa $10,000 $8,000 ($ Millions) $6,000 $4,000 $2,000 $- 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (Source: Navigant Research) Utility-scale energy storage refers to several applications for energy storage situated on the utility side of the meter. The primary
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