The US, Japan, and China are leading the emerging market for massive power grid storage devices that can store renewable energy when it is being produced, then deliver it to the power grid on-demand. The power grid storage market is being driven by demand in several favorable regions around the world, according to Lux Research.
Five countries divvy up the top 77 percent of the emerging grid storage market. Source: Lux Research.
Here is what Lux Research says about its predictions: Despite regulatory uncertainty, a highly-fragmented global market, and a risk-averse client base, the demand for energy storage on the grid will zoom to $113.5 billion in 2017, from a $2.8 billion market in 2012, reaching 185.4 gigawatt-hours (GWh) of capacity from 3.2 GWh, according to a Lux Research report.
Lux Research analysts developed a dynamic Grid Storage Demand Forecaster to evaluate the internal rate of return (IRR) and levelized cost of electricity (LCOE) of eight grid storage technologies in six applications throughout 44 countries and all 50 US states, identifying unappreciated opportunities. The Demand Forecaster also compares the impact of renewable portfolio standards (RPS), the pay-for-performance ruling, and government subsidies on global demand to identify the technologies, applications, regions, and US states with the most promise for grid storage.