GTM Research estimates U.S. energy storage market to exceed $1.2 billion value in 2019
A report from GTM Research shows that the U.S. energy storage market is taking off at last, with 1,080 megawatt-hours deployed between 2013 and 2017, and the overall market value expected to exceed $1.2 billion by the end of 2019.
Additionally, the U.S. Energy Storage Monitor 2017 Year-in-Review notes that in 2018 alone, the U.S. market will likely almost double the current hours–achieving in a year what once took four. This builds on the 27 percent market growth the industry saw in 2017, and the record 79 percent growth for year-over-year deployments in what the Energy Storage Association dubs the “behind-the-meter” market. California, Hawaii, Massachusetts, and New York were all at the forefront of this growth.
“The recent unanimous, landmark decision issued by the Federal Energy Regulatory Commission (FERC) is expected to lay the groundwork for the integration of energy storage technologies into the U.S. wholesale markets in a manner that compensates storage for the full range of value it is already capable of providing to the grid and end users,” ESA CEO Kelly Speakes-Backman said. “Policies and regulatory frameworks that level the playing field will further encourage energy storage deployment throughout 2018 and beyond as the industry builds toward a goal of realizing 35 GW by 2025.”
The majority of the industry’s market share is centered on one company, Li-ion. Li-ion currently held 98.8 percent of the market share as of 2017’s fourth quarter and has dominated the market for the last 13 quarters. Additionally, while the storage market is expected to be hit somewhat in the coming days by the Trump Administration’s imposition of a tariff on imported solar cells and modules, GTM Research proposes that the market will also be insulated from this danger due to standalone storage applications and solar developers eying storage as a net gain.
