In the last couple of years, there has been a growing a number of articles and blog posts published about energy storage, particularly in the form of battery systems.
This interest is understandable and the news is exciting because these systems can fill in wind power and solar power electricity production gaps. In many places, they could replace gas-powered peaker plants; the costs have gotten that low for renewables + storage. This has actually been the case in some places since 2016, but the story keeps getting better and the solution is competitive in more and more locations practically by the day.
The recent report by GTM Research about the US market makes fascinating reading & highlights how progressive policies and falling costs are driving the success of energy storage. According to the report, the market is still small (generating just $300M in value last year) but continued investment and with regulators & power companies keeping a close eye on its development, the market is predicted to exceed $1 billion in 2019.
Hyperion will be attending Energy Storage Europe in Dusseldorf next week and we will be keen to network with attendees from across the pond as well as catching up with a few familiar faces!
The market for energy storage is still small, generating just $300 million in value last year, the report said. But batteries have long held the promise of solving the intermittent nature of renewable energy sources such as wind and solar, so their development is closely watched by investors, regulators and power companies. The market is expected to exceed $1 billion in 2019, the report said. Pairing big batteries with renewable energy projects improves reliability without creating climate-changing emissions, and more homeowners and businesses are looking to batteries for backup power and to capture the excess energy from rooftop systems to use when the sun is not shining.