The deployment of energy storage in the US is set to triple in 2015 compared to 2014, according to a new report by GTM Research and the Energy Storage Association (ESA).
The pair’s inaugural US Energy Storage Monitor predicts that 220MW will be installed in 2015 with accelerating growth following in the next five years.
An estimated 180 grid-connected storage systems were connected in 2014 totalling 61.9MW, a 40% increase from 2013’s tally of 44.2MW.
“The US energy storage market is nascent but we expect it to pick up more speed this year,” said Shayle Kann, senior vice president, 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,” added Kann.
The report also notes that two thirds of deployment so far has been in utility-firm PJM’s territory in the eastern US including Ohio, Virginia and Pennsylvania. It also picked out California as a leader with the state’s regulatory framework triggering major procurement by power companies.
"Demand continues to rise for energy storage solutions – for the entire range of applications," said Matt Roberts, executive director, ESA. "Companies that understand the market opportunities and the competitive policies that are driving adoption are poised for immense growth," added Roberts.