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Energy Storage System Installed Capacity Will Hit 8.13 Gigawatts in 2017
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2017 will represent a breakout year for distributed energy storage, largely driven by the battery energy storage market. The utility-scale market is expected to continue the strong growth shown in 2016. The global market revenue will increase by 30% by the end of 2017, driven by continued price declines in battery systems, the establishment of procurement mandates in key international markets such as the United States and the United Kingdom, increased battery participation in open balancing markets in the United Kingdom and Germany, new standards for renewable integration in Japan, congestion management across key renewable energy markets, growth of renewable energy hybrid plants in developing countries, and continued financing support from governments into storage and micro-grid project piloting. The engine behind market growth for 2017, however, will exist in the residential and commercial sectors. The opening of new markets in the United States, Australia, and Europe through subsidy support and the ending of feed-in tariffs for photovoltaic (PV) systems have resulted in a flurry of competitors entering these markets, with PV kit distributors, utilities, and installers promoting storage solutions. The residential battery storage market is expected to show a massive 73.9% growth in 2017. Market trends have been analysed for 2016 and 2017, with the base year as 2016. The study is divided into 3 separate chapters addressing the storage market: battery energy storage (e.g., utility scale, non-residential, and residential); alternative energy storage technologies (e.g., thermal, flywheels, supercapacitors, and compressed air energy storage); and battery storage for consumer, industrial, and electric vehicle applications.The study assesses and discusses the companies launching new innovative storage solutions in 2017. Some companies considered for the study include Ice Energy, STORNETIC GmbH, Viking Cold Solutions™ Inc, Murata Manufacturing, Duke Energy Corporation, Statoil ASA, Moixa Energy Holdings Ltd, Trinabess, SENEC.IES, Redflow Limited, and CircuiTree.The following are key questions this study will answer:• What are the growth opportunities, and where do they exist for market participants?• Which technologies are transforming the energy storage industry?• What application markets represent the greatest opportunity for storage solutions?• What are the transformation trends of the energy storage industry in 2017?• Which companies are releasing new innovative products in 2017?
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