U.S. Market for Energy Storage to Boom in Coming Years

Technology research firm TechNavio has done the heavy lifting in analysing the American market for energy storage solutions, and arrived at a rosy outlook for the next three years. It is predicted that the industry will enjoy a compound annual growth rate of 18.17% until 2016. The expansions can be attributed to the increasing adoption of storage technologies in solar facilities. Furthermore, research and development activities in the field also appear to be picking up pace in the US.

The report also cites potential obstacles such as the low awareness of energy storage technologies. Referring to the findings, TechNavio’s Clean Tech team commented that “the increasing demand for energy is one of the major trends observed in the energy storage market in the US. The storage of energy will help maintain a backup for catering to the high future energy demand. Large-scale and small-scale grid energy storage systems will meet this need, thus boosting the growth of the Energy Storage market in the US.”

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