By Editors of Power Engineering
A new study from Navigant Research indicates the energy storage will experience explosive growth over the next three to five years that will mirror the current growth of solar.
The study, Five Trends for Energy Storage in 2016 and Beyond, indicated incremental improvements in energy storage technologies, developments in regional regulatory and market drivers and emerging business models will make energy storage a growing and viable part of the power grid.
“New players will be able to offer a suite of solutions that promote connected homes and robust energy options,” says Anissa Dehamna, principal research analyst with Navigant Research. “Evolving business models call for utilities to become more agile and not only address the generation, transmission, and distribution of electricity, but also focus more on grid services and develop customer-friendly solutions.”
The paper noted distributed energy resources companies will create new opportunities for energy storage-enabled applications for utilities and customers alike. IT, telecommunications and consumer product companies are focusing on energy and smart grid applications, and will present a disruptive threat to utilities due to their ability to create value from data and customer relationships.
More information is available in the report, which examines the major market issues driving investment in energy storage around the world and the adaptations various stakeholders make in response.