A growing amount of intermittent renewable energy resources, such as wind and solar, as well as volatility in load profiles, will lead grid operators to procure 56 GW of energy storage between 2012 and 2022, finds a new report from Pike Research.
It is still difficult for many energy-storage vendors to make a business case for their technologies based on a single application. Therefore, some vendors are delivering solutions for several issues with a single installation. According to the report, the industry is at a tipping point, as vendors attempt to fully commercialize technology and develop business cases that highlight total value, rather than simply applications.
"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," says senior research analyst Anissa Dehamna. "These innovations will help enable grid operators to optimize grid assets, defer transmission and distribution upgrades and integrate renewable energy sources."