By Ricardo Rodriguez | Utility Dive
The growth of the global energy storage market is creating one headline after another, as analysis after analysis predicts new heights of investments and deployments. Coupled with falling technology costs, particularly for lithium-ion batteries, energy storage is expected to play a key part in the global transition toward a more sustainable and reliable power grid.
“Nothing really does seem to be standing in the way of its explosive growth,” Ricardo Rodriguez, research analyst for distributed energy storage at Navigant Research, told Utility Dive.
“[T]he biggest driver of growth going forward — outside of cost — is likely to be the development of new market opportunities and value streams that are opened up by favorable federal and state regulations.”
The market research company in its latest report identified close to 2,100 energy storage projects globally. And international storage markets are anticipated to grow exponentially over the next decade, a second report from Rethink Technology Research found.