Grid storage market forecast at $113.5bn in 2017
US, Japan and China expected to lead market in next five years
A report by Lux Research has valued the demand for energy storage on the global grid at $113.5 billion in 2017, a massive rise on the $2.8 billion market value of 2012. Capacity is forecast to increase from 3.2 gigawatt-hours (GWh) to 185.4 GWh over the same time period.
Lux Research Associate Brian Warshay said “Utilities need to manage an increasingly variable load of intermittent renewable energy sources and commercial customers require more reliable electricity supplies to mitigate outages that cost the United States alone between $80 billion and $188 billion annually”.
The Lux report has concluded that the biggest application for grid storage is set to be renewable energy shifting, claiming 54% of demand in the next five years. It is also forecasts that the Americas’ share of the market is likely to double to 25% by 2017, bringing greater parity with the Asia-Pacific, European and Middle East and African market.