July 18, 2011 - On a fundamental level,
electric grids require balance in order to function properly.
Energy storage technologies are emerging as a means of providing
grid operators with an alternative to traditional grid
management.
Key applications for long-duration energy storage include
counterbalancing the intermittency of renewable energy sources like
wind and solar power, leveling the loads and time-shifting periods
of peak demand on the grid, and avoiding or delaying the
construction of costly transmission and distribution (T&D)
assets, among others.
According to a new report from Pike Research, these applications
will drive a total worldwide investment of just over $122 billion
in energy storage projects during the period between 2011 and
2021.
"Energy storage on the grid is reaching a turning point," says
research analyst Anissa Dehamna. "Currently, a number of new
technologies - and variations on 'old' technologies such as
compressed air and pumped storage - are being demonstrated in
countries around the world. The market is ripe with opportunity and
utilities, grid service providers, and equipment suppliers are all
intensifying their efforts in the energy storage arena."
Dehamna adds that for the long duration segment of the energy
storage market, pumped hydro storage and advanced flow batteries
will represent the largest portions of the total revenue
opportunity during the next decade.
Advanced lithium ion batteries, sodium sulfur (NaS) batteries,
and compressed air energy storage (CAES) are other key technologies
that will be utilized for bulk storage applications during the
forecast period.
Pike Research anticipates that among the various application
segments in this market, the integration of renewable energy -
primarily wind power - will represent approximately 50% of the
total capacity deployed for long duration energy storage.
The firm forecasts that load leveling/peak shifting will
represent 31% of the total market, followed by arbitrage (12%) and
T&D upgrade deferral (7%).
Pike Research's report, "Energy Storage on the Grid", includes
analysis of key market drivers and barriers for the emerging energy
storage market, technology issues, and detailed profiles of 12 key
countries.
The study provides global forecasts for the long duration energy
storage market, segmented by region, application, and technology,
and measured in revenue and megawatts. The report also identifies
the key changes in the energy storage market during the past year
and includes analysis on key energy storage projects to
date.
An Executive Summary of the report is available for free
download on the firm's website.
Pike Research is a market research and consulting firm that
provides in-depth analysis of global clean technology
markets.
For more information, visit
www.pikeresearch.com or
call +1.303.997.7609.