The demand is being driven by several key trends, including the proliferation of intermittent renewable energy sources such as wind power and solar energy, the onset of the smart grid concept, and a shift to plug-in hybrid and electric vehicles, to name just three.
Because energy storage technology providers are selling into the slow-moving regulated utility market, the adoption process will be longer than one might predict, given the apparent growing market need. However, over the coming years, energy storage is likely to enjoy significant adoption by utilities in North America and other global markets.
The U.S. Department of Energy estimates that, for every gigawatt of wind capacity added, 17 megawatts of spinning reserves must also be built to account for the system’s variability. Also, utilities are building capacity to meet so-called needle peaks in electricity usage that only occur for a small number of hours each year.
It is expensive and inefficient to size capacity to these peaks, and energy storage can play a large role in supplanting peaking generation. However, unlike solar and wind, energy storage technologies have historically received very little support in the form of government subsidies and incentives.
This tide is starting to turn, and new commitments from the U.S. government, combined with greater interest from forward-looking utilities, are pointing the way to a strong market opportunity for energy storage.
This Pike Research report analyzes the global energy storage market opportunity from several key perspectives. It includes a detailed examination of the strengths, weaknesses, technological capabilities, and economics of various energy storage technologies, including an assessment of the market prospects for each.
The report also analyzes the market drivers, barriers, and regulatory/legislative issues associated with energy storage markets. In addition, it includes granular market forecasts, segmented by technology and world region, along with profiles of key market participants.
Key questions addressed:
* What is the current size of the Energy Storage technology market by technology and region of the world?
* What are the key drivers and inhibitors of growth for Energy Storage technologies?
* Which Energy Storage technologies are likely to gain the largest market share in the future and why?
* What are the costs of Energy Storage technologies today, and what are the future pricing trends?
* What are the key applications for Energy Storage technologies?
* Who are the key industry players in the Energy Storage technology market?