North American Grid Energy Storage Market

 

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Energy storage can serve customers as a controllable demand-side management option and also provide premium services such as power quality for sags or surges lasting less than 5 seconds, uninterruptible power supply for outages lasting about 10 minutes, and peak demand reduction to reduce electricity bills. Grid energy storage can optimize the electricity grid and enable renewable wind/solar power plants to become more economical. Utilities store electricity made from renewable sources or produced during off-peak times. Then, when demand for electricity peaks, energy can be drawn from the stored-up charge. Currently, the market is considered nascent with lucrative growth opportunities.

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