Series 5000 Heavy-duty
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MW of new energy storage
capacity was deployed globally in 2014 and 2015; bringing
non-hydro energy storage to
some 2,276 MW by year’s end.
“In 2017 we expect the
global market to grow 47 percent from the already record
breaking year in 2016 in
terms of new storage capacity
deployed,” said Eller.
Through 2020, Eller pointed out that Navigant forecasts
over 29. 4 GW of new storage capacity to be deployed
worldwide across all sectors, and a compound annual
growth rate of 60 percent.
Technology Expansion in 2017
For the near future, the dominant form of energy storage,
pumped hydropower, is sure to remain the principal method
of storing energy, occupying a global market share of over 95
percent. Aside from pumped hydro, a plethora of energy storage technologies exist with a growing number of new solutions
being tried, tested and installed on a commercial basis. An
even larger number reside anywhere between blueprint designs
and various levels of research and development.
Going forward, battery storage — of the lithium-ion variety — is
expected to retain its majority market share, according to Roberts.
“Global trends are feeding into that…partly because major
applications of today lend themselves to batteries. Equally, lithium-ion dominates on account of cost; but it has reached that cost
because of demand driving production.”
This favorable increasing-demand/decreasing-cost trend is
not expected to slow down through 2017. Bloomberg New Energy Finance expects battery technology to fall to $120 per kWh