For the long-duration segment of the energy-storage market, pumped hydro storage and advanced flow batteries will represent the largest portions of the total revenue opportunity during the next decade, according to research analyst Anissa Dehamma. Advanced lithium-ion batteries, sodium sulfur batteries and compressed-air energy storage are other key technologies that will be utilized for bulk storage applications during the forecast period.

Pike Research anticipates that among the various application segments in this market, the integration of renewable energy – primarily wind power – will represent approximately 50% of the total capacity deployed for long-duration energy storage. The firm forecasts that load leveling/peak shifting will represent 31% of the total market, followed by arbitrage (12%) and transmission and distribution upgrade deferral (7%).

“Energy storage on the grid is reaching a turning point,” Dehamna says. “Currently, a number of new technologies – and variations on ‘old’ technologies, such as compressed air and pumped storage – are being demonstrated in countries around the world. The market is ripe with opportunity, and utilities, grid service providers and equipment suppliers are all intensifying their efforts in the energy-storage arena.”