Market Evaluation for Energy Storage in the United States
The study found that industry analysts forecast that the global market for energy storage could be upward of 300 GW in size and $200–$600 billion in value over the next 10 to 20 years. The future U.S. grid energy storage market value is also forecasted to reach between two to four gigawatts in size by 2016 in some of the most promising grid energy storage applications – ancillary services, renewable energy integration, transmission support and community energy services. Near-term growth is expected in part due to past investments as well as the emergence of new policies that will likely promote the market. The long-term market for storage will depend on the ability of suppliers to reduce costs and policies to help formalize application markets. Copper will potentially play a significant role in the U.S. energy storage market, due largely to its reliability and conductivity benefits it provides to the electrical equipment used to integrate these technologies and the copper intensity of the devices themselves. Though the technologies and configurations for energy storage applications have yet to standardize, and though many new applications may emerge, initial trends indicate that the copper intensity of grid storage applications can range from zero to more than 4 tons per MW.