Posted by Big Gav in energy storage
Green Car Congress has a post on a new report on the energy storage market from Pike Research - Pike Forecasts Grid Stationary Energy Storage Market to Reach $35B by 2020; Significant Opportunity for CAES, Li-ion and Flow Batteries
According to a new report from Pike Research, worldwide installed revenues for stationary energy storage systems for the electricity grid will grow at a strong pace in the coming decade, increasing from $1.5 billion in 2010 to $35.3 billion annually by 2020.
Demand is being driven by several key trends including the proliferation of renewable energy from variable sources such as wind and solar, the expansion of utility smart grid initiatives, and the introduction of plug-in hybrid and electric vehicles, Pike says.Energy storage on the grid addresses several pressing market needs. Today, applications for energy storage include load following, renewable energy grid integration, and renewable energy time shifting. In the coming years, the number of applications for energy storage on the grid will expand to include the opportunity for utilities to defer transmission and distribution (T&D) capital upgrades, time of use energy cost management for the commercial and industrial (C&I) segments, and conventional energy time shifting.
Traditional options for long-duration energy storage include pumped hydroelectric storage, compressed air energy storage (CAES), and sodium sulfur (NAS) batteries. Other more nascent energy storage technologies are lithium ion (Li-ion) batteries and flow batteries. While there is room for a variety of technologies, Pike Research forecasts the most significant growth opportunities for CAES, Li-ion batteries, and flow batteries.