Pike Research recently released its “Community and Residential Energy Storage” report, which forecast the CRES market growing from US$19.2 million in 2012 to US$872 million in 2022 with a total worldwide capacity of 780MW. The 10-year increase is set to be driven by the expansion of distributed solar PV capacity, the adoption of plug-in EVs and the spread of dynamic pricing programs.
Solar Novus Today noted that currently, much of the CRES market is still in the technical demonstration phase, wherein developers use the locations as pilots to study and understand the technical requirements of CRES. The Pike Research report advises that the CRES market growth will depend on the attitudes and objectives of utilities. Since utilities are not required to integrate or experiment with new technologies, their efforts to adopt and engage in energy storage projects based on new technologies will require an “extraordinary effort”. Pike Research does acknowledge that some utilities are eager to understand the operation, benefits and business cases for CRES, especially in North America, Western Europe and Asia Pacific.
Unlock unlimited access for 12 whole months of distinctive global analysis
Photovoltaics International is now included.
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Unlimited digital access to the PV Tech Power journal catalogue
- Unlimited digital access to the Photovoltaics International journal catalogue
- Access to more than 1,000 technical papers
- Discounts on Solar Media’s portfolio of events, in-person and virtual
Or continue reading this article for free
An executive summary of the report can be downloaded here.