The outlook for the utility-side-of-the-meter energy storage industry is bright. IHS Markit reports that the global pipeline for utility-side energy storage has doubled in the past years to 3.4 gigawatts. It also predicts strong growth for this market in the coming years. In addition, the Bloomberg New Energy Finances Outlook 2016 report indicates that the global energy storage market will be valued at $250 billion by 2040, with some 25 gigawatts in capacity installed by 2028. Clearly, there’s a strong upside for utilities interested in investing in the growing energy storage market.
Energy Storage Offers Many Benefits to Utilities
Utilities are beginning to reap economic benefits by implementing energy storage systems. One of the main ways they’re doing this is by providing opportunities for money savings to customers through peak demand shaving. Energy storage can be used to shift electricity demand from on-peak to off-peak periods, which alleviates peak demand charges – resulting in savings for customers while reducing strain on the grid. There are many other ways utilities can benefit from energy storage as well:
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