Utility-Scale Storage Market Could Hit $33.6 Billion By 2018

Global Industry Analysts Inc (GIA) recently released a report predicting that the global market for utility-scale renewable energy storage technologies could grow to US$33.6 billion by 2018. This is largely brought about by the increase in generation from solar and wind sources.

Now that federal subsidies and investments have helped to bring down the high costs of equipment like wind turbines and photovoltaic (PV) solar panels, the focus is now shifted to developing energy storage.

TSOs are looking to installing microgrids to remove the need for expensive energy transmission lines. Solar microgrids are also a rapidly-expanding market, with many users of solar energy dissatisfied with the intermittency of the source.

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