u.s. energy storage market to nearly triple this year: report - battery energy storage system

(Reuters)-U. S.
Due to a significant reduction in costs and national policy support for installing batteries in homes, businesses and power grids, the deployment of energy storage systems will nearly triple this year.
Projected growth of 186% to 1,233 MW
According to a report released by GTM Research and Energy Storage Association trade group on Tuesday, storage time at 431 megawatt hours increased compared with 27% in 2017.
This is partly because some of the big projects that are expected to reach 2017 are delayed until early 2018, but also because the home and enterprise battery market is finally starting to take off, said Ravi Manghani, an analyst at GTM, some markets recorded 79% growth last year.
The growth of batteries for power storage is a boon for manufacturers such as Tesla (TSLA. O), LG Corp (003550. KS)and others.
Manghani said the cost of storage systems has dropped by about 2 out of 3 in the past five years.
In addition, more states require utilities to purchase storage systems.
The energy storage market is still small, generating only $0. 3 billion in value last year, the report said.
But for a long time, the battery has been promising to solve the intermittent problem of renewable energy such as wind energy and solar energy, so investors, regulators and power companies pay close attention to the development of batteries.
The market is expected to exceed $1 billion in 2019, the report said.
Pair large batteries with renewable energy projects to improve reliability without generating climate
With changing emissions, more and more homeowners and businesses are looking for batteries for backup power supplies and capturing excess energy from roof systems for use when the sun does not shine.
Manghani said that the large system of utilities is still the largest part of the market, and more utilities include storage in the bidding for solar projects, adding that a year later, he expects storage components to be included in most solar project tenders.
He said: "There is a big change in mentality . "