November 3, 2013
Facts & Figures
“A next-generation smart grid without energy storage is like a computer without a hard drive: severely limited.”
– Katie Fehrenbacher, GigaOm
Did you know?
- According to market research firm IHS, the global energy storage market is growing exponentially to an annual installation size of 6 gigawatts (GW) in 2017 and over 40 GW by 2022 — from an initial base of only 0.34 GW installed in 2012 and 2013.
- The U.S. energy storage industry comprises hundreds of companies and thousands of American workers building commercial energy storage systems throughout the country.
- Flywheel and battery energy storage systems are operating today in the competitive ancillary services power market – providing a 10x faster and more accurate response to a power dispatcher’s signals compared to power turbine generators.
- Over 60 million Americans in 13 mid-Atlantic states plus the District of Columbia are saving money and receiving highest quality service thanks to energy storage systems operating in that region.
- PJM Interconnection projects that just a 10-20% reduction in its frequency regulation capacity procurement – made possible by additional storage projects – could result in $25-50 million in savings to residential, commercial and industrial consumers.
- The California Public Utilities Commission (CPUC) approved a target requiring the state’s three largest investor-owned utilities, aggregators, and other energy service providers to procure 1.3 gigawatts of energy storage by 2020.
- An IMS Research report expects the market for storing power from solar panels – which was less than $200 million in 2012 – will catapult to $19 billion by 2017.