Energy Storage in Commercial Buildings Market to Reach ‘$7.5bn in 2022’
Revenue for the energy storage in commercial buildings market will grow at a compound annual growth rate of 8.6 percent over the next 10 years, from $3.3 billion in 2012 to a $7.5 billion in 2022, according to a new Pike Research report.
Energy Storage in Commercial Buildings says that growth will be pretty evenly spread throughout three regions: North America, Europe, and the rest of the world, led by Asia Pacific. The majority of the revenue will come from the uninterruptible power supply (UPS) energy storage system segment.
The commercial buildings market is currently the largest source of revenue for stationary energy storage companies, primarily thanks to a robust UPS industry, which requires an energy storage component. The research firm estimates that segment alone to generate $3.7 billion in global sales in 2013.
In addition, there is a relatively healthy market for thermal energy systems, which use thermal mass (either ice or ceramic bricks) to store energy for later use in climate control in a building. That market is estimated by Pike Research to be worth $89.6 million in 2013.
Finally, an emerging segment of electrical energy storage systems is beginning to be established in some parts of the world.
The future growth of energy storage systems for commercial buildings is heavily dependent on the local regulatory environment, both from the perspective of the electric utility’s rate structure and government incentives for energy storage systems. In regions where energy storage is incentivized through utility rebates, time-of-use rates with high differentials, or government mandates, growth is expected to be much higher.
A Pike Research report published in late 2012 said the total number of energy storage projects worldwide — including announced, funded, under construction, and operating facilities— reached 714 in the last quarter of the year.
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