Report: Grid-scale energy storage to reach $68Bn from 2014-2024

Energy Storage

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

According to the report, “Energy Storage for the Grid and Ancillary Services,”, the demand for grid-scale energy storage is rising as distributed, renewable power generation multiplies and grid operators seek ways to balance loads.

“Developing energy storage that is viable for grid applications has been a goal of vendors and grid operators for a number of years,” said 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.”

The report states that pumped storage remains the dominant technology, however, technologies including lithium ion, power-to-gas, flow battery, and compressed air systems are on the rise.

To read the report, click here.

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