Market research firms are forecasting hyper growth in energy storage and projections vary widely among firms. What is the right market size estimate?
In order to answer this question let’s first look at the numbers put out by leading research firms. According to Greentechmedia the US energy storage market will be $2.5bn by 2020.
“GTM research forecasts that the annual U.S. energy storage market will cross the 1-gigawatt mark in 2019, and by 2020 it will be a 1.7-gigawatt market valued at $2.5 billion.” Source: GTM
According to Navigant, the Worldwide market for utility scale energy storage will reach $15.6 billion by 2024. That doesn’t account for behind the meter storage; so very bullish expectation. A newer study by Navigant projects world wide market for storage to reach $21 billion by 2024 and C&I market potential to reach $10.8 billion in 2025.
According to market research firm IHS, the energy storage market is set to “explode” to an annual installation size of 6 gigawatts (GW) in 2017 and over 40 GW by 2022 — from an initial base of only 0.34 GW installed in 2012 and 2013.