Energy Storage: Driving Progress in Energy, Technology and the Economy

Wednesday, May 3, 2017 4:38 pm EDT

By:

Toshiba America, Inc.

As the global demand for energy continues to rise, meeting it will require energy storage. Whether powering a smart watch or stabilizing a smart grid, backing up a major enterprise data center or a small rooftop solar panel, energy storage affects all facets of modern life, and its importance in the future cannot be overemphasized. The global market for rechargeable storage has already reached roughly $60 billion globally, with a 10% compound annual growth rate anticipated through at least 2020, according to research by Frost & Sullivan.

Energy storage affects all aspects of the US economy, the government, industry and the consumer, but it plays a particular role in the future of technology companies, with their huge data centers and tiny devices, the automotive sector—thanks to hybrid-electric and electric vehicles—and, of course, the energy industry itself. The top revenue driver in battery storage, at least in the short term, is the utility sector and its need to cope with a rapidly evolving power ecosystem.

By 2035, renewable energy will account for 20% of the power installed in the US, up from only 6% in 2016, but because of their intermittency, wind and solar systems require energy storage back up. Battery Energy Storage Systems—such as Toshiba’s lithium-battery-based SCiB—balance power supply and demand instantaneously, making power networks more resilient, efficient, and cleaner than ever before. For markets and economies to succeed and thrive, they require this type of high-quality energy production, and energy storage will continue to be one of the most fundamental, and fastest growing, solutions to enable technical innovation and drive economic prosperity.

For a further indepth analysis of the energy storage market please download our Energy Storage whitepaper from the link below.

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