Where will the energy storage market be in 10 or 20 years? No-one can say for sure, but we do know that energy storage is being driven by the demand for renewable energy. As we approach the limit for centralized renewable electricity that can be attached to the grid storage has to be added.
For the residential solar energy market, home owners want the ability to make money from their solar power systems or the ability to go offgrid. Off grid means home owners will have zero energy bills and this is exciting for everyone. In order to make this a reality we need reliable cost effective home energy storage solutions.
Energy storage technology falls into 4 major several catagories. These are batteries, flywheel storage, molten salt heat storage and super capacitors for electricity. There are other types of energy storage technology such as compressed air or pumped storage but more work is needed to make them cost effective.
Here is a market forecast of the 4 major types of energy storage over the coming years. This important imformation for investors, researchers and job hunters alike.
How Much Will The Global Energy Storage Market Be Worth?
The battery electric storage market is expected to grow by 24% per year between now and 2020 where it will be worth an estimated $7.7 billion US. Lithium-ion technology is expected to stay the dominate battery chemistry for some time to come.
Gordon's expertise in the area of industrial energy efficiency and alternative energy. He is an experienced electrical engineer with a Masters degree in Alternative Energy technology. He is the co-founder of several renewable energy media sites including Solar Thermal Magazine.