Nearly 56 Gigawatts of New Long-Duration Energy Storage to be Installed From 2012 to 2022, Forecasts
Nearly 56 Gigawatts of New Long-Duration Energy Storage to be Installed From 2012 to 2022, Forecasts Pike Research
BOULDER, Colo.--(BUSINESS WIRE)-- Rapidly changing energy mixes and increasing volatility in load profiles are challenging grid operators to deliver reliable and secure electricity. These factors are also encouraging demand for long-duration or bulk energy storage, known as energy storage on the grid (ESG). According to a recent report from Pike Research, a part of Navigant's Energy Practice, the market for ESG will expand rapidly in the coming decade: nearly 56 gigawatts of ESG will be installed from 2012 to 2022, the study concludes.
"Newer and emerging energy storage technologies - such as next-generation compressed air energy storage and pumped storage, as well as advanced batteries - are changing the energy storage space with innovations in efficiency, footprint, materials science, and system flexibility," says senior research analyst Anissa Dehamna. "These innovations will help enable grid operators to optimize grid assets, defer transmission and distribution upgrades, and integrate renewable energy sources."
Presently, it is still difficult for many energy storage vendors to make a business case for their technologies based on a single application. To that end, some vendors are layering applications, according to the report. Instead of focusing on a single application, as with traditional energy storage installations, they are delivering solutions for several issues with a single installation. The industry is at a key point, as vendors attempt to fully commercialize technology and develop business cases that highlight total value, rather than simply applications.
The report, "Energy Storage on the Grid", analyzes the global market for long-duration energy storage and forecasts the amount and revenue associated with this rapidly changing market using an application-driven forecast. The report provides a comprehensive assessment of the demand drivers, business models, policies, and technology issues associated with the ESG market. Key industry players are profiled in depth, and worldwide revenue and capacity forecasts, segmented by technology and region, extend through 2022. An Executive Summary of the report is available for free download on the Pike Research website.
About Pike Research
Pike Research, which joined Navigant's global Energy Practice on July 1, 2012, provides in-depth analysis of global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, Smart Industry, and Smart Buildings sectors. Additional information about Pike Research can be found at www.navigant.com/pikeresearch.
Navigant (NYS: NCI) is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, "Energy Storage on the Grid," is a summary and reflects Pike Research's current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report's conclusions and the methodologies used to create the report. Neither Pike Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.
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