BOULDER, Colo.--(BUSINESS WIRE)--Commonly located at the edge of the power grid, community and residential energy storage (CRES) systems use a range of technologies including flow batteries, advanced lead-acid batteries, and, most prevalently, lithium ion (Li-ion) batteries. As yet, most of the CRES market is still in the technical demonstration phase, as developers of energy storage systems use these pilots as opportunities to understand the technical requirements of CRES. Driven by the expansion of distributed solar photovoltaics capacity, the adoption of plug-in electric vehicles, and the spread of dynamic pricing programs, the CRES market will experience sharp growth over the next 10 years, according to a recent report from Pike Research. The global market for these systems will grow from $19.2 million in 2012 to more than $872 million in 2022, the cleantech market intelligence firm forecasts.
Total worldwide installed capacity for community and residential energy storage systems will reach 780 megawatts in 2022.
“The community and residential energy storage sector is still nascent, but market conditions, technology capabilities, and economics are beginning to align in a way that points to significant growth opportunities over the coming decade,” says research analyst Anissa Dehamna. “Several high-profile demonstration projects are currently underway, focused on delivering voltage support, load-leveling/peak-shifting, and islanding services, and aiming to experiment with frequency regulation and spinning reserve services further along in the project.”
One of the key factors influencing the growth of the CRES market will be the attitudes and objectives of utilities. Because it is not a part of a utility’s mandate to integrate or experiment with new technologies, utilities must make extraordinary efforts to engage in energy storage projects based on newer technologies. On the other hand, some utilities are keen to understand the operation, benefits, and business cases for CRES. It is likely that in each key region (North America, Western Europe, and Asia Pacific), one or several key, progressive utilities will be the first to trial CRES.
Pike Research’s report, “Community and Residential Energy Storage”, assesses the market opportunity for battery-based energy storage systems in community and residential deployments. Key applications covered include voltage support, frequency regulation, islanding, and peak shaving using lithium ion, advanced lead-acid, and flow battery technologies. The study includes profiles and SWOT analysis for key industry players as well as global revenue and installed capacity forecasts, segmented by technology and region, for the period from 2012 to 2022. 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. The company’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Grid, Smart Transportation, Smart Industry, and Smart Buildings sectors. For more information, visit www.pikeresearch.com or call +1.303.997.7609.