Energy storage is coming into its own, with a new report projecting massive growth and a market value of $10.8 billion by 2025 for commercial and industrial energy storage applications.
The Market Data: Commercial & Industrial Energy Storage report from Navigant Research analyzes storage from advanced lead-acid, flow and lithium-ion batteries. The data suggests that power capacity will rise from around 499 MW in 2016 to 9.1 GW by 2025, with industrial, office and education facilities leading in implementation among building categories.
The technology is still misunderstood and poorly evaluated, preventing it from realizing its full potential for energy and cost savings, the report notes. However, regulation changes and improvements in energy storage design should help assuage stakeholder worries in the future.