A new report suggests that the energy storage industry could grow substantially in coming years as the energy industry is forced to adapt to increasing fluctuations in both supply and demand, according to the Electricity Storage Association.
Commissioned by the Copper Development Association and produced by energy consulting firm KEMA, the report examines the potential for energy storage technology over the next fives years.
In that time, the report's analysis suggests that the country could add anywhere from 2 gigawatts to 4 gigawatts of energy storage capacity. As with much of the renewable energy sector, the exact level will depend upon the incentives offered for the technology, as well as the growth of intermittent energy sources such as solar power and wind power.
"We are thrilled that an outside analysis affirms what the energy storage industry has already been seeing," Brad Roberts, executive director of the ESA, said in a statement. "The next five years will be critical and provide enormous opportunity to move storage technologies to full commercialization."
Though water- and heat-based storage systems are likely to remain dominant, newer battery technologies have the potential for dramatic growth in the coming years, particularly as private investment in that sector continues.