Energy Storage Market Size

proton Staff asked 2 years ago

Market research firms are forecasting hyper growth in energy storage and projections vary widely among firms. What is the right market size estimate?

1 Answers
proton Staff answered 2 years ago

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.