A study by Navigant Research indicates nearly two GW of energy storage systems have been announced worldwide so far this year.
Navigant said new project announcements are coming on a regular basis, and various companies are exploring new ways to make energy storage systems profitable.
Lithium ion batteries remain the top method of energy storage for new projects, accounting of 83 percent of the new capacity through the third quarter of 2016.
Distributed energy storage systems are becoming more popular, as they accounted for 14 percent of new energy storage projects so far.
“DESSs are generally much smaller than utility-scale systems and are expected to thrive as they become more cost-effective and productized, leading to more streamlined installation and opening new markets,” said Ian McClenny, a research associate with Navigant Research.
Projects using flow batteries and hybrid battery systems are also becoming more common.
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