U.S. energy storage market growing fast
March 9, 2015 | By
Barbara Vergetis Lundin
The U.S. energy storage market grew more than 400 percent in 2014, according to a joint research partnership between GTM Research and the Energy Storage Association (ESA). Over the course of the year, 182 storage installations came online, representing 67.3 megawatts of capacity -- up from just 13.3 megawatts in 2013.
Ninety percent of new U.S. energy storage capacity was in front of the meter, while 10 percent was behind the meter at residential or non-residential (commercial, education, military or non-profit) sites, according to the energy storage report; however, both behind-the-meter segments saw a drastic increase in deployments in the fourth quarter of 2014. GTM Research expects behind-the-meter storage to account for 45 percent of the overall market by 2019. "The U.S. energy storage market is nascent but growing fast" said Shayle Kann, senior vice president at GTM Research. "Attractive economics already exist across a broad array of applications, and system costs are in rapid decline. We expect some fits and starts, but significant overall growth for the market in 2015." The energy storage market is geographically concentrated within the U.S., with the vast majority of deployments in a small number of markets. The report cites PJM and California as having the right mix of policy, regulatory drivers, and wholesale market design that encourage storage deployments. In fact, two-thirds of all deployed capacity in 2014 was located in PJM. The next five years will be all about growth. By 2019, GTM Research expects the U.S. energy storage market to reach 850 megawatts annually and be valued at over $1.4 billion -- more than ten times its current size. For more: © 2015 FierceMarkets, a division of Questex Media Group LLC. All rights reserved. http://www.fierceenergy.com/story/us-energy-storage-market-growing-fast/2015-03-09 |