Facts & Figures of Energy Storage Systems
“A next-generation smart grid without energy storage is like a computer without a hard drive: severely limited.” - Katie Fehrenbacher, GigaOm
Did you know?
According to market research firm IHS, the global energy storage market is growing exponentially 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.
The U.S. energy storage industry comprises hundreds of companies and thousands of American workers building commercial energy storage systems throughout the country.
Flywheel and battery energy storage systems are operating today in the competitive ancillary services power market – providing a 10x faster and more accurate response to a power dispatcher’s signals compared to power turbine generators.
Over 60 million Americans in 13 mid-Atlantic states plus the District of Columbia are saving money and receiving highest quality service thanks to energy storage systems operating in that region.
PJM Interconnection projects that just a 10-20% reduction in its frequency regulation capacity procurement - made possible by additional storage projects - could result in $25-50 million in savings to residential, commercial and industrial consumers.
The California Public Utilities Commission (CPUC) approved a target requiring the state’s three largest investor-owned utilities, aggregators, and other energy service providers to procure 1.3 gigawatts of energy storage by 2020.
An IMS Research report expects the market for storing power from solar panels – which was less than $200 million in 2012 – will catapult to $19 billion by 2017.