Community and residential energy storage market to grow to $872 million in 2022

Community and residential energy storage market to grow to $872 million in 2022

Greentech Lead India: The global market for community and
residential energy storage (CRES) systems will grow to more than $872 million
in 2022 from $19.2 million in 2012.

Total worldwide installed capacity for community and
residential energy storage systems will reach 780 MW in 2022.

Expansion of distributed solar photovoltaics capacity,
adoption of plug-in electric vehicles, and the spread of dynamic pricing
programs will be the growth drivers.

Most of the CRES market is still in the technical
demonstration phase, as developers of energy storage systems use these pilots
as opportunities to understand the technical requirements of CRES.

“The community and residential energy storage sector is
still nascent, but market conditions, technology capabilities, and economics
are beginning to align in a way that points to significant growth opportunities
over the coming decade,” said Anissa Dehamna, research analyst at Pike
Research.

“Several high-profile demonstration projects are
currently underway, focused on delivering voltage support,
load-leveling/peak-shifting, and islanding services, and aiming to experiment
with frequency regulation and spinning reserve services further along in the
project,” Dehamna added.

Attitudes and objectives of utilities will influence the
growth of the CRES.

Pike Research suggests that utilities must make
extraordinary efforts to engage in energy storage projects based on newer
technologies. Some utilities are keen to understand the operation, benefits,
and business cases for CRES. In each key region such as North America, Western
Europe, and Asia Pacific, one or several key, progressive utilities will be the
first to trial CRES.

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