US Energy Storage Market Gains Momentum

A recent report from GTM Research, the Energy Storage Association, and the US Energy Storage Monitor projected that the market for energy storage market will grow by 250% in 2015. This prediction represents a significant trend from the previous year wherein the market grew 40% to $128 million. With cost being the biggest hurdle at $2064/kilowatt in 2014, technological innovation is predicted to lessen the financial burden.

Shayle Kann, Senior Vice President at GTM Research expands,

“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.”

Transportation application is predicted to be at the forefront of the energy storage market, increasing demand by approximately 8% per year until 2050. Though 90% of energy storage is currently front-end (utility generated), behind-the-meter (non-utility) deployment is growing to comprise 45% of the energy storage market by 2019. A majority of behind-the-meter energy storage is commercial. As deregulation and price reductions occur, the technology will become more available to consumers.Though current growth is geographically concentrated due to policy regulations, deregulation is predicted to increase demand for the product elsewhere in the United States. The energy storage market is key for consumers looking to reduce energy grid risk, especially in the wake of various intermittent energies such as solar energy which goes away after dusk. Storing excess energy mitigates the risk for energy usage overload. 

Read more here- “US Energy Storage Market Could Triple This Year,” ( Darrell Delamaide, Yahoo Finance)

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Ethica Burt works with CR as a Marketing Fellow. She is in her final semester as an undergraduate of George Washington University where she studies International Business and Sustainability. As a fellow she focuses on researching consumer issues whilst also bringing awareness to the organization as a whole.

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