Energy storage market: partner or perish
By: SGN Staff
Quick Take: If you're wondering when the grid storage market will take off and when your utility can safely dip its toe, Lux Research says the time is now. Although the sector did only $200 million worldwide in 2012, it is set to leap to more than $10 billion by 2017, at least according to Lux Research.
And this despite a year and a half of catastrophic failures, bankruptcies and other meltdowns. So how do you safely navigate these churning waters? Lux says storage companies should look for big-pocket partners who have channels to the market. And I say utilities should look for the same thing when choosing vendors. It's fine to work with a bright startup with breakthrough technology. But make sure the firm is partnered with industry stalwarts for the balance of system or for marketing or for both. That's your best guarantee that you'll still have the support you need five years down the road. - By Jesse Berst
Global Grid Storage Market to Grow Nearly Nine-fold to $10.4 Billion in 2017
Government entities and corporates solidify the global grid storage partnership web in the wake of catastrophic technology developer failures, Lux Research says.
Strategic valuable partnerships are key to success for developers as the demand for grid storage applications grows nearly nine-fold to $10.4 billion in 2017, according to Lux Research.
In order to address this fast-growing market â€“ from a modest $200 million in 2012 â€“ developers will need to find the best partners that can not only improve their capabilities but also enable access to new markets against a host of competitors. While technology developers seek out large corporations for support, the multinational conglomerates target startups for technology and IP.
â€œA strong network replete with complementary technologies, material supplies, and avenues to customers can speed up a companyâ€™s progress and buffer it against some unpredictable market dynamics,â€ said Steve Minnihan, Lux Research Senior Analyst and a contributor to the report titled, â€œFinding the Perfect Partner in the Global Grid Storage Market.â€