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.
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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