Report forecasts $122 billion in energy storage investment

Due to demand for long-duration energy storage, to counterbalance intermittent renewable energy supplies from photovoltaic power plants and wind farms, investment is predicted to flow into a range of energy storage projects.

Pike Research’s Anissa Dehamma says that on-grid energy storage is reaching a turning point. "Currently, a number of new technologies – and variations on ‘old’ technologies such as compressed air and pumped storage – are being demonstrated in countries around the world. The market is ripe with opportunity and utilities, grid service providers, and equipment suppliers are all intensifying their efforts in the energy storage arena."

Other long duration energy storage technologies that are analyzed in the the Pike Research report, include Nas batteries, hydrogen storage, flow batteries and lithium ion batteries for utility-scale storage.

In the report’s executive summary the observation is made that while existing energy storage technologies do provide large storage capacity, they have not kept pace with the expansions of grid capacity worldwide in the past 50 years.

The report also looks at 12 key countries for energy storage technology and identifies the key players.