This year has already seen “significant acceleration” of activity in the global grid-connected energy storage market, with 4.3GW expected to be deployed this year, analysis firm IHS Markit has said.
Regulatory changes at the national level coupled with policy programmes in leading states will drive residential and commercial energy storage to new heights, according to various sources at this week’s Energy Storage International in California.
The rise of energy storage will enjoy a similarly meteoric trajectory to that enjoyed by solar PV deployment in the past and could reach 305GWh of installations by 2030, BNEF has predicted.
As early as next year, demand for energy storage in consumer electronics could be overtaken by markets for electric mobility and stationary energy storage, Lux Research has forecast.
Fundamental changes in how battery energy storage technology works come faster than they have done in solar PV or wind historically - and governments and regulators will need to adapt to keep up, one industry insider has told Energy-Storage.News.
Financial services giant Morgan Stanley has anticipated that the US energy storage market will grow faster than current consensus expectations, while Deloitte has earmarked the technology for exponential growth – although not perhaps this year.
US energy storage had a fairly quiet period in the third quarter of this year deploying just 16.4MW/31.4MWh but enjoyed a record quarterly sum of US$660 million of corporate investment.
Strategic planning of Chinese industry at a state level could see electrical energy storage installations grow in importance, rocketing to as much as 24GW by 2020, according to one analysis firm.
Energy storage is likely to be worth “tens of billion dollars in the next five to 10 years” across a number of global regions, according to executives at solar microinverter firm Enphase.