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Report: US energy storage market poised to grow 250% this year

Report: Energy storage technology revenue to exceed $21B by 2024

Deployments for energy storage in the U.S. is expected to grow from 62-MW in 2014 to 220-MW in 2015 – a 250 percent increase- according to a report conducted by GTM Research and Energy Storage Association (ESA).

“The U.S. energy storage market is nascent but we expect it to pick up more speed this year,” said Shayle Kann, senior vice president of 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 significantly overall growth for the market in 2015.”

The U.S. Energy Storage Monitor report finds that PJM and California are leaders in policy and regulatory issues surrounding energy storage, as well as wholesale market structure.

Over the past year, 180 grid-connected electro-chemical and electro-mechanical storage installations came online, representing nearly 62-MW, up 40 percent from the 44-MW completed in 2013. Additionally, the report states that 70 percent of deployments in 2014, utilized li-ion batteries.

By 2019, the U.S. energy storage market will reach 861-MW annually and be valued at $1.5 billion, nearly 11 times its size in 2014, a report analyst noted.

To read the report, click here

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