Study: distributed storage is going to take over

Residential solar could become energy storage's heartland in a few years, according to research from Bloomberg New Energy Finance. Pic: SunPower.

Residential solar could become energy storage’s heartland in a few years, according to research from Bloomberg New Energy Finance. Pic: SunPower.

By Jason Deign

A major study published last week not only forecasts massive energy storage growth but also predicts a seismic shift in the structure of the market.

The Global Energy Storage Forecast, 2016-24, from Bloomberg New Energy Finance (BNEF), predicts about 45GW and 81GWh of storage could be installed by 2024, representing an investment of USD$44bn.

The figure excludes pumped hydro capacity, of which there is currently 104GW according to 2012 US Energy Information Administration data cited by the American Energy Storage Association.

Perhaps more importantly, though, the Forecast shows worldwide behind-the-meter storage overtaking utility-scale applications between 2020 and 2021.

By 2024, predicts BNEF, 66% of all storage will be behind the meter, compared to just 16% at present.
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