Energy storage revenue to total more than $68 billion

Worldwide revenue from energy storage for the grid and ancillary services is expected to total $68.5 billion from 2014 through 2024, according to a recent report from Navigant Research.

As distributed, renewable power generation resources multiply and grid operators seek ways to balance loads across the system using an increasingly diverse range of assets, the demand for grid-scale energy storage is rising. The grid-scale energy storage market has developed in a disjointed fashion over the last several years, but now there are signals that the market is poised for expansion.

“Developing energy storage that is viable for grid applications has been a goal of vendors and grid operators for a number of years,” says Anissa Dehamna, senior research analyst with Navigant Research. “Recently a number of factors, including the falling price for lithium-ion battery systems, have begun to converge to bring that goal close to fruition.”

Although incumbent pumped storage remains the dominant technology, in terms of installed capacity, the market has started moving quickly, according to the report, across a number of technologies including lithium ion, power-to-gas, flow battery, and compressed air systems. In total, Navigant Research estimates that 362.8 MW of projects have been announced in the 2013-2014 period, with an almost equal distribution between North America (103.3 MW), Asia Pacific (100.5 MW), and Western Europe (91.1 MW).

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