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.
 

Comments (0)

This post does not have any comments. Be the first to leave a comment below.


Post A Comment

You must be logged in before you can post a comment. Login now.

Featured Product

OutBack Power - Radian series Inverter/Charger and Integrated Battery Rack

OutBack Power - Radian series Inverter/Charger and Integrated Battery Rack

Off-grid or on-grid, system designers and installers now have a comprehensive power conversion and storage solution from the name they trust: OutBack. Engineered from the ground up, OutBack's preassembled systems make balance-of-system components easier to specify and install in any residential or commercial installation. The Radian packs over 8,000 Watts of pure sine-wave continuous power and can be stacked into an 80 kW configuration for larger applications. The Integrated Battery Rack (IBR) is a 28.8 kWh one-box solution with all electrical connections made at the factory and shipped fully-assembled (without batteries) for quick connection on the jobsite.