The Community and Residential Energy Storage (CRES) systems market is expected to experience sharp growth over the next 10 years as a result of the expansion of distributed solar photovoltaics capacity, the adoption of plug-in electric vehicles, and the spread of dynamic pricing programs, according to a new report released by Pike Research.
CRES systems are often located on the edge of the power grid, using a range of technologies, including flow batteries, advanced lead-acid batteries, and, most prevalently, lithium ion (Li-ion) batteries. Though, most of the market is still in the technical demonstration phase as developers continue to grow their understanding of the technical requirements of CRES.
The global market for these systems will grow from $19.2 million in 2012 to more than $872 million in 2022, the cleantech market intelligence firm forecasts. Total worldwide installed capacity for community and residential energy storage systems will reach 780 megawatts in 2022.
“The community and residential energy storage sector is still nascent, but market conditions, technology capabilities, and economics are beginning to align in a way that points to significant growth opportunities over the coming decade,” says research analyst Anissa Dehamna. “Several high-profile demonstration projects are currently underway, focused on delivering voltage support, load-leveling/peak-shifting, and islanding services, and aiming to experiment with frequency regulation and spinning reserve services further along in the project.”