Thanks to the rising popularity of renewable energy such as wind and solar, the grid storage market will see a staggering 50-fold growth, from $200 million today to over $10 billion by 2017.
According to Steve Minnihan, a senior analyst at Lux Research, wind and solar energy will constitute 70% of the expected surge in demand for new grid storage. The outlook for battery storage, however, is less optimistic. Calculations show that batteries will continue to remain prohibitively expensive, limiting widespread adoption of their integration.
In addition, Minnihan concluded that Japan, Germany and the United States will likely see a an increase in demand for grid storage, due to factors such as huge price gaps between off-peak and on-peak hours.
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