Published on April 9th, 2015 | by Joshua S Hill4
US Energy Storage Management Systems To Grow Tenfold By 2019
April 9th, 2015 by Joshua S Hill
A new report from GTM Research investigating the US market for energy storage management systems has concluded that the market should grow tenfold between 2014 and 2019, reaching $136 million by 2019.
Energy storage management systems, those software suits that are designed to increase a storage system’s operating efficiency and therefore the overall value of energy storage, is the highlight of GTM Research’s latest report, Energy Storage Management Systems 2015-2019: Applications, Players and Forecast, released today. GTM notes that battery systems used by utilities require “the use of intelligent energy storage management systems” that did not exist, or were even necessary “a quarter-century ago.”
Unsurprisingly, therefore, given the explosion in the deployment of energy storage systems worldwide, energy storage management systems are similarly experiencing a boom.
A new report released this week from Navigant Research which analyzed the global energy storage market concluded that energy storage revenue will sky-rocket from $605 million in 2015 to $21 billion in 2024.
“Now that battery prices have responded to cost pressures, the associated technologies—i.e., the [energy storage enabling technologies] portion of system cost—are starting to follow suit,” wrote Anissa Dehamna, principal research analyst with Navigant Research. “Still, the ESET portion of the value chain will average more than [sic] of total system cost across all applications over the next 10 years.”
GTM Research, in partnership with the Energy Storage Association, forecasts energy storage deployments to reach 860 MW in 2019, with report author James Belcher writing, “as energy storage proliferates, many users – especially non-utility users – are learning that they can’t just put batteries and power control systems together to create value.”
More than their original design purpose to monitor the health and safety of energy storage deployments, energy storage management systems are now working to optimize storage performance, as Belcher explains:
“The real value in energy storage management systems, lies in achieving peak performance on a given application — and in using them for the most valuable available application at any given time. The algorithms that determine in real time what a battery is used for are the key to unlocking that value.”