A new report published last week by GTM Research and the Washington, D.C.-based Energy Storage Association reveals a bullish forecast for the energy storage industry in the year ahead.
Greentech Media reports that “100 megawatt-hours of grid-connected energy storage were deployed in the fourth quarter of the year, marking 1,080 cumulative megawatt-hours deployed between 2013 and 2017.”
GTM Research Marketing Manager, Mike Munsell highlights that the industry is likely to double this number in 2018 alone.
“Even more impressive, GTM Research expects that the U.S. market will almost double this total in 2018 alone, with more than 1,000 megawatt-hours of energy storage forecast to be deployed this year.”
Reuters’ Nichola Groom reports that the year-over-year comparison also points to another impressive finding: the 2018 forecast for total energy storage brought online is set to almost triple compared to the annual total for 2017.
“U.S. deployments of energy storage systems will nearly triple this year thanks to sharply lower costs and state policies that support the case for installing batteries in homes, businesses and along the power grid. That forecasted growth of 186 percent to 1,233 megawatt-hours of storage from 431 MWh compares with the 27 percent increase in 2017, according to a report by GTM Research and the Energy Storage Association trade group published on Tuesday.”
This report comes at a time where the policy and regulatory landscape for energy storage is quickly changing. As the Houston Chronicle reports, “The Federal Energy Regulatory Commission has ordered electric grid operators around the country to adjust regulations to incorporate electric storage, like batteries, into their systems.”
The move creates an opportunity for energy storage to “expand the scope of energy storage’s participation beyond frequency regulation and into larger ancillary services and wholesale energy and capacity markets, and for all ISO,” according to Greentech Media.
Want to know more about recent policy and regulatory developments in energy storage? Listen to this episode of The Energy Gang’s podcast.