Global energy storage is predicted to increase 100-fold in the next decade from 121 GW this year to 12 353 GW in 2021.
A new report states this level of growth will equate to a 10-year investment of $122bn.
The study, by Pike Research, forecasts a breaking down of the traditional barriers to energy storage growth – inflexible electricity market structures, high capital costs, and instability in the grid.
Key in overcoming these obstacles will be the integration of solar and wind energy, peak shifting and load leveling, and the deferral of transmission and distribution upgrades.
Pike research analyst Anissa Dehamna said: “Traditionally, grid operators have only had access to generation assets, such as natural gas peakers, to balance electricity flows across the grid by adding power to it. Energy storage provides grid operators with an alternative to traditional grid management, offering a variety of technologies that together are well-suited for up to 17 applications of energy storage.”