The global storage market for wind and solar power integration will be worth US$10.3 billion by 2023, according to a new report by Navigant Research.
The study notes that while the market is currently only valued at around US$150 million, the growth of wind and solar will drive grid operators to invest.
“Although market and industry issues have restrained growth to date, energy storage for wind and solar offers a compelling business case,” said Anissa Dehamna, senior research analyst, Navigant Research.
“This is especially true at the residential level, where electricity rates are typically more expensive on a per kilowatt-hour basis than in commercial and industrial settings,” she added.
The report looks at three markets for energy storage, wind, distributed PV and non-distributed PV.
It estimates that 1300GW of wind and solar will go online in the next ten years. It expects the installed capacity of energy storage systems to will total 21.8GW between 2013 and 2023.
California recently set its three biggest private utilities the target of installing 1.325GW of storage capacity by 2020, the largest goal of its kind in the world.