BOULDER, Colo. -- (BUSINESS WIRE) -- Energy storage projects are increasing steadily, both in terms of the project pipeline and the number of projects deployed and operating. Two factors are influencing that expansion: first, demand for energy storage is increasing as utilities learn more about energy storage technologies and become less risk averse, and second, as the economic outlook brightens, companies are more willing to invest the capital frequently required for energy storage. According to a new tracker report from Pike Research, a part of Navigant’s Energy Practice, the total number of energy storage projects worldwide (including announced, funded, under construction, and operating facilities) reached 714 in the last quarter of 2012.
“Various governments’ strategies to expand energy storage are beginning to yield significant dividends in the form of expanded project count and capacity,” says research analyst Anissa Dehamna. “Looking back, we can see that there was a considerable diversification of the technology mix during 2010. Both private investment and government spending contributed to this diversification. For example, the American Recovery and Reinvestment Act (ARRA) came into effect in February 2009, and the U.S. government disbursed these funds throughout the following year.”
Traditional pumped storage still leads the market in terms of megawatts installed (with 10,359 MW from 2007 to 2012), according to the report, and will continue to be a strong presence in terms of new installations for at least the near future. These installations require a large amount of land area and have significant capital costs associated with them. As these economically attractive sites for traditional pumped storage become exhausted over the longer term, new technologies – including flow batteries and lithium-ion batteries – are expected to fill the gap in storage needs.
Pike Research’s “Energy Storage Tracker” includes a database of 757 projects and tracks the country, region, market segment, status, technology vendor, applications, funding, investment, and key milestones for each project. In addition, the report includes analysis of the project pipeline for energy storage, an analysis of the technology bias within each major region for storage, key trends over the past five years, and the leading end-use market segments in the space. An Executive Summary of the report is available for free download on the Pike Research website.
About Pike Research
Pike Research, which joined Navigant’s global Energy Practice on July 1, 2012, provides in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, Smart Industry, and Smart Buildings sectors. Additional information about Pike Research can be found at www.navigant.com/pikeresearch.
Navigant (NYSE: NCI) is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, “Energy Storage Tracker 4Q12,” is a summary and reflects Pike Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Pike Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.