U.S. Grid Energy Storage Market is Strong and Poised for Exponential Growth
Industry Forecasts Strong Investments in Energy Storage Markets
Within the U.S., industry analysts forecast that $240 billion will be invested in storage grid applications over the next 10 years. Overall, government support is strong with the Department of Energy (DOE) Smart Grid Demonstration Grants project investing $772 million. Strong investments from the government and venture capitalists, successful demonstration projects, and recent technological advancements have all contributed to strong growth in the storage market.
Market drivers are energy independence and security; smart grid investments; time of use/peak demand rates; increase in renewables and distributed generation; and government policies, incentives and regulations. Though all sectors of the energy storage market show strong potential, from an application perspective distributed generation devices, renewable systems, and ancillary services show the greatest near term growth potential. Global opportunity over the next 10 to 20 years is estimated at upwards of 300 gigawatts (GW) in size, which translates into $200-$600 billion in value.
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