Storage update: Inside the sector’s hot Q1 and what’s next for utilities & suppliers
The US added 5.6 MW of storage in Q1, with behind-the-meter installations jumping 132%
The newest numbers on U.S. energy storage growth show the emerging business is still growing at breakneck speed.
Compared to conventional generation, storage’s capacity numbers are still small, but the upward trend is undeniable, and utility interest is palpable. Installed capacity remains on track to triple in 2015. At that rate, the 2019 annual market will be 13 times bigger than the 2014 market and four times bigger than the 2015 market, according to the recently released report, “Q1 2015 U.S. Energy Storage Monitor” from GTM Research and the Energy Storage Association (ESA).
“This year will be the biggest yet for storage,” said GTM Research Senior Analyst and lead author Ravi Manghani. “Through 2014, there was perhaps one or two big projects per year but this year there will a handful of projects getting interconnected,” he explained. “The trend is clear. This is a market on a growth trajectory.”