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> WHEN SOME THING INNOVATIVE
catches on, other related technology
often gets its own boost. In many cases,
the success of the two is intertwined,
each feeding off of the other. For
example, it is hard to imagine the
Internet without PCs and vice versa.
The same could be said for
renewable power and energy storage. As
renewables continue to grow, utilities
and consumers need to be able to store
the power they generate.
According to a recent report, that
dynamic is fueling energy-storage market
growth at an epic pace. Green Tech Media
(GTM) Research and the Energy Storage
Association (ESA) jointly released a
report in March.
“U.S. Energy Storage Monitor: 2015
Year in Review” describes a market that
is doubling and tripling in size by various
measures, and shows no signs of slowing.
The report examines a number of different
market indicators, all of which are showing
huge gains. For example, total deployments
grew by 243 percent in one year, from
65 megawatts (MW) in 2014 to 221 MW
in 2015. Other indicators, such as total
deployments in megawatt-hours, front-of-
meter and behind-the-meter deployments
also showed similar increases.
At the same time, utility-scale system
prices came down roughly 10 percent
from a median price of about $1,050 per
kilowatt-hour (k Wh) to about $950 per
k Wh, showing that the technology is
getting cheaper and more efficient, an
indicator of more growth to come.
Federal and state policies are also
helping to create a favorable environment,
one in which GTM projects a bustling
market for years to come. The research
firm foresees a 1,662-MW annual U.S.
storage market by 2020, an eightfold
increase from 2015. In dollar amounts,
that market is expected to be worth $2.5
billion, a sixfold increase from 2015.
U.S. Energy-Storage Market Charges Forward