In yet another piece of promising news for the burgeoning energy storage industry, Pike Research estimates that one sector of the industry will reach $30 billion in revenues by 2022. Specifically, the figures apply to the long-duration energy storage segment, also known as bulk energy storage on the grid. A large share of the expansion will be driven by optimisation of grid asset, wind and solar integration, arbitrage, and the deferral of new transmission and distribution capacity additions.
Pike’s senior analyst Anissa Dehamna commented on the possibilities in energy storage capacities and how they will shape the future energy landscape. Adding that “newer and emerging energy storage technologies – such as next-generation compressed air energy storage and pumped storage, as well as advanced batteries ‘ are changing the energy storage space with innovations in efficiency, footprint, materials science, and system flexibility,” Dehamna is confident that these developments can only be a boon to utility operators.
All told, the rise and rise of the energy storage industry appears to be inevitable, necessitated partly by the the increased integration of renewable energy into our electricity supply. Is energy storage really the next golden investment opportunity? What obstacles lie ahead to potentially derail the industry? Share your views below!
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