We can't help but get excited about research reports (who doesn't?). And a new report by GTM Research explains why: commercial energy storage is currently at a maturity stage reminiscent of the solar industry circa 2005, and its growth curve over the next six years will be impressive.
Greentech Media shared some initial insights today in a teaser article:
The next six years will mark the beginning of a long-term, viable growth opportunity for commercial energy storage...Driven in part by the growth of solar photovoltaics, over 720 megawatts of distributed energy storage will be deployed in the U.S. between 2014 and 2020. This represents a 34 percent cumulative annual growth rate.
Here is the key graph:
Echoing our message at Solar Grid Storage, GTM Research Senior Vice President Shayle Kann noted:
"The commercial energy storage market is still in its earliest days, but we're starting to see real opportunity emerge for companies that can selectively pursue attractive markets and successfully monetize multiple value streams. Growth in early markets such as California and PJM will be vital in helping the market scale and getting investors comfortable with the complexity of financing energy storage in the U.S."
Check out the full report: Distributed Energy Storage 2014: Applications and Opportunities for Commercial Energy