Energy Storage Market Continues to Grow
The capacity of the energy storage market continues to grow, with an estimated 362 MW of projects announced in the 2013–2014 period, according to Navigant Research’s Energy Storage Tracker 3Q14.
The energy storage market has started moving quickly across a number of technologies, with government funding, subsidies and regulatory reform encouraging market growth. Navigant estimates 362.8 MW of projects have been announced in the 2013–2014 period with an almost equal distribution between North America (103.3 MW), Asia Pacific (100.5 MW), and Western Europe (91.1 MW). Navigant did not report on Eastern Europe, Latin America and Africa because there have been no significant newly announced projects in those regions during this timeframe. In last year’s report, North America and Asia were identified as top government-backed energy hot spots.
The energy storage market is still immature where many technologies are concerned, but lithium ion (Li-ion) technology has emerged as the global leader for the 2013–2014 period, with 168.6 MW announced in the past two years. Currently, 236.3 MW of Li-ion has been deployed globally, including a portion of the announcements during this period. Sodium sulfur (NaS) batteries are the second leading energy storage technology in regard to new market activity. Flow batteries, particularly in Asia Pacific, account for 6 percent of the new market activity in the past two years, with 21.8 MW announced globally. Flywheel activity has also been high, with 15.0 MW announced, accounting for 4.1 percent of new market activity. This represents 3.2 percent of the total global market activity for energy storage, which is noteworthy considering the small number of grid-scale flywheel providers.
Key vendors in the industry continue to specialize as systems integrators in the supply chain. In some cases, integrators are entering the sector from other industries. This is a critical time for the advanced energy storage industry; in order for the industry to continue to scale, more systems integrators are needed.
The Tracker includes a database of 697 projects globally and includes an analysis of the technology choice within each major region for energy storage, an analysis of leading regions for energy storage capacity and a projection and market share analysis for technology vendors for deployed projects and projects in the pipeline.
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