Energy storage technologies, which offer the promise of enabling a wide range of long-duration and short-duration applications for purposes of balancing electricity grid operations, are gaining increased momentum in the global marketplace. While the industry still faces a variety of challenges including technology development and the need for cost reduction, a new tracker report from Pike Research indicates that nearly 600 energy storage projects have been announced or deployed worldwide, with a surge of new project activity during the past decade.

“Energy storage offers the opportunity to significantly improve the efficiency of the grid at every level,” says research analyst Anissa Dehamna. “The energy storage market is dynamic, but still immature where most technologies are concerned. The vast majority of active storage projects are utilizing decades-old pumped hydro storage technologies, but the industry has entered a new period of innovation as a number of market players invest considerable resources to prove emerging technologies such as advanced batteries, compressed air energy storage, flywheels, and thermal storage.”

Dehamna adds that the wide variety of technologies, applications, and lead times for installations in this sector can make it difficult for many industry participants to analyze the overall market. Pike Research’s tracker aims to identify key market trends on a holistic basis by systematically compiling the available data on all projects around the world including analysis of site, region, size, status, duration, market segment, applications and funding profiles.