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by Mike Munsell March 03, 2016
The 112 megawatts deployed in the fourth quarter 2015 represented more than the total of all storage deployments in 2013 and 2014 combined. Propelled by that historic quarter, the U.S. energy storage market grew 243 percent over 2014’s 65 megawatts (86 megawatt-hours).
FIGURE: Annual U.S. Energy Storage Deployments, 2012-2015
The report breaks down the market into three segments: residential, non-residential and utility. The utility segment, also called front-of-meter, continues to be the bedrock of the U.S. energy storage market. In 2015, front-of-meter storage accounted for 85 percent of all deployments for the year. Most of these deployments were in the PJM market, where over 160 megawatts of energy storage systems went on-line in 2015.
The residential and non-residential segments combine to make up the behind-the-meter market. While much smaller, the behind-the-meter market grew 405 percent in 2015. The report notes that the residential market is geographically diverse but was led by Hawaii for the year. California led the non-residential segment.
GTM research forecasts that the annual U.S. energy storage market will cross the 1-gigawatt mark in 2019, and by 2020 it will be a 1.7-gigawatt market valued at $2.5 billion.
“Energy storage is changing the paradigm on how we generate, distribute and use energy. With exponential growth predicted over the next couple of years, energy storage solutions will deliver smarter, more dynamic energy services, address peak demand challenges and enable the expanded use of renewable generation like wind and solar,” said Matt Roberts, executive director of the Energy Storage Association (ESA), adding, “The net result will be a more resilient and flexible grid infrastructure that benefits American businesses and consumers.”
Today, more utilities are considering storage along with an assortment of traditional and non-traditional assets to meet reliability, capacity and system upgrade needs. The recent extension of several federal renewable tax credits is expected to further boost energy storage as more storage paired with renewables will be deployed.
FIGURE: Annual U.S. Energy Storage Deployments, 2012-2020ESource: GTM Research/ESA U.S. Energy Storage Monitor
About the U.S. Energy Storage MonitorDelivered quarterly, the U.S. Energy Storage Monitor is the industry’s only comprehensive research on energy storage markets, deployments, policies and financing in the U.S. These in-depth reports provide energy industry professionals, policymakers, government agencies and financiers with consistent, actionable insight into the burgeoning U.S. energy storage market. See www.energystoragemonitor.com for more information.