The global energy storage market for renewables is likely to exceed $23bn annually by 2026, according to a new study from Navigant Research.

Navigant says revenues will grow significantly driven by the falling costs for energy storage systems, thereducing costs of renewable energy projects and grid resilience challenges brought on by renewables growth.

The report, entitled Energy Storage and Renewables Integration (ESRI), examines the global market for ESRI, with a focus on utility-scale, commercial and industrial applications.