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Published on October 25th, 2012 | by Adam Johnston

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Grid Energy Storage Annual Market Value to Exceed $30 Billion by 2022, Report Finds

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October 25th, 2012 by
 
 
Energy Storage on the Grid (ESG) is anticipated to surpass $30 billion in annual value, according to a new report from Pike Research.

Pike Research said advances in storage technology (including pump storage, advanced batteries, and compressed air) is providing more competitive storage options for the market.

Collage with solar batteries via Shutterstock

Meanwhile, quickly changing energy mixes and electric grid volatility will encourage energy operators to look at grid energy storage in order to give more secure electricity.

“One of the key challenges for energy storage will be to deliver cost-effective solutions for these grid stability issues,” said Pike Research  analyst Anissa Dehamna.
 

 
“Market structures still must catch up with the market to acknowledge the value of energy storage to grid operators and power consumers. At the same time, the industry must solve issues around business models and the supply chain in order to successfully scale up and fully commercialize these emerging technologies,” Dehamna added.

Source: Pike Research

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About the Author

Is currently studying at the School of the Environment Professional Development program in Renewable Energy from the University of Toronto. Adam graduated from the University of Winnipeg with a three-year B.A. combined major in Economics and Rhetoric, Writing & Communications. Adam also writes for Solar Love and also owns his own part time tax preparation business. His eventual goal is to be a cleantech policy analyst, and is currently sharpening his skills as a renewable energy writer. You can follow him on Twitter @adamjohnstonwpg or at www.adammjohnston.wordpress.com.



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