Thursday July 5, 2012 0 commentsBOULDER - The market for energy storage is expected to continue to rise worldwide, increasing 8 percent in the first half of 2012 from 600 to 649 projects, according to a new report from Pike Research.
The report said the market for energy storage is dynamic but still immature and is dogged by three criticisms: that the market is overstated; that energy storage is too expensive; and that advanced storage technologies are dependent on government support.
"Considerable momentum is building behind newer energy storage technologies -- such as advanced batteries -- particularly as the renewable energy community embraces storage as a means of mitigating risks associated with variable power generation resources," said Brittany Gibson, Pike Research analyst.
"High costs remain a significant hurdle for newer technologies, but market interest is growing rapidly as government-funded programs encourage the deployment of a wide variety of technologies."
The report notes that the region with the largest base of energy storage is Asia Pacific, which has just over 60 gigawatts of cumulative capacity. While advanced batteries are staged to play a large role in the development of power systems across Asia Pacific, bulk energy storage technologies such as pumped hydro will play an increasingly important role in emerging markets like China, the report said.
A free summary of the report, "Energy Storage Tracker," is available at www.pikeresearch.com.