According to a new report from GTM Research and the Energy Storage Association, 220 MW of grid-connected electrochemical and electromechanical storage capacity will come online this year, compared to 61.9 MW in 2014 and 44.2 MW in 2013.
90% of the capacity installed in 2014 was grid-scale storage installed in front of the utility meter, while just 10% was behind the meter at residential or non-residential customer sites. However, GTM Research says it expects behind-the-meter storage to account for 45% of the U.S. market by 2019.
The U.S. energy storage market is nascent but we expect it to pick up more speed this year, said Shayle Kann, senior vice president at GTM Research, in a statement. Attractive economics already exist across a broad array of applications, and system costs are in rapid decline. We expect some fits and starts but significant overall growth for the market in 2015.
According to Ravi Manghani, energy storage analyst and lead author of the report, the next five years will be all about growth. GTM Research expects the U.S. energy storage market to reach 861 MW annually by 2019 and be valued at $1.5 billion.
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