Grid-Scale Energy Storage Market to Hit $35 Billion Globally by 2020

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Grid-scale stationary energy storage system revenues are expected to grow from $1.5 billion this year to a whopping $25.3 billion over the next 10 years, according to a new report from Pike Research. Several events are driving the demand: more renewable energy from intermittent sources like wind and solar, the expansion of Smart Grid technologies and initiatives and the introduction of plug-in hybrids and EVs. Pike

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senior analyst David Link said applications for energy storage are growing: applications like load following, renewable energy grid integration and renewable energy time shifting. While there are a variety of traditional forms of energy storage and new ones in various stages of research and development, Pike is betting the most significant growth will be in compressed air energy storage (CAES), Li-ion batteries and flow batteries.

Quick Take: For another perspective on the fundamental importance of energy storage, don’t miss the analysis of its potential as a T&D CapEx deferral by KEMA expert Rick Fioravanti.

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