- The worldwide market for energy storage systems for wind and solar will grow from less than $150 million annually in 2013 to $10.3 billion by 2023, according to a new report from Navigant research.
- The installed capacity of energy storage for wind and solar is projected total 21.8 GW over the next 10 years.
- A “compelling business case” for storage exists, especially at the residential level, according to the report.
Here is a graphic depicting the growth of the energy storage market. Click to enlarge.
Energy storage has long been the holy grail for intermittent renewable energy resources, but the report acknowledges its primary competitors are natural gas generation and demand response. The cost of storage has to drop significantly if grid operators’ resistance to increased wind and solar is to be overcome.