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

Parker - End to End Solutions for PV/CSP Solar, Grid-Tie and Energy Storage

Parker - End to End Solutions for PV/CSP Solar, Grid-Tie and Energy Storage

Please join Parker's Energy Platform Solutions team at the upcoming Solar Power International show, September 10-13 at Mandalay Bay Convention Center in Las Vegas, NV. Our offering features a compact outdoor Power Conversion/Energy Storage System, complemented by an outdoor central solar inverter, both employing two-phase evaporative liquid cooling technology and modular compact designs. We will also feature axis tracker solutions with our hybrid actuator system that uses an intelligent position feedback sensor, as well as our independent wireless condition monitoring sensors for hydraulic pressure. To learn more about what we will display and launch at SPI, please click on the product sections below.