December 28, 2012 - A recent report from Pike Research finds the community and residential energy storage (CRES) market will experience sharp growth over the next 10 years, driven by the expansion of distributed solar photovoltaics (PV) capacity, the adoption of plug-in electric vehicles (EVs), and the spread of dynamic pricing programs. CRES systems use a range of technologies including flow batteries, advanced lead-acid batteries, and lithium ion (Li-ion) batteries. As yet, most of the CRES market is still in the technical demonstration phase, as developers of energy storage systems use these pilots as opportunities to understand the technical requirements of CRES.
The global market for these systems will grow from $19.2 million in 2012 to more than $872 million in 2022, the firm forecasts, while total worldwide installed capacity for CRES systems will reach 780MW in 2022.
“The community and residential energy storage sector is still nascent, but market conditions, technology capabilities, and economics are beginning to align in a way that points to significant growth opportunities over the coming decade,” says research analyst Anissa Dehamna. “Several high-profile demonstration projects are currently underway, focused on delivering voltage support, load-leveling/peak-shifting, and islanding services, and aiming to experiment with frequency regulation and spinning reserve services further along in the project.”
The report predicts one of the key factors influencing the growth of the CRES market will be the attitudes and objectives of utilities. “Because it is not a part of a utility’s mandate to integrate or experiment with new technologies, utilities must make extraordinary efforts to engage in energy storage projects based on newer technologies,” it noted. Research shows in each key region (North America, Western Europe, and Asia Pacific), one or several key, progressive utilities will be the first to trial CRES.
Pike Research’s report, Community and Residential Energy Storage, assesses the market opportunity for battery-based energy storage systems in community and residential deployments. Key applications covered include voltage support, frequency regulation, islanding, and peak shaving using lithium ion, advanced lead-acid, and flow battery technologies. Last modified on Friday, 28 December 2012 10:22