Energy storage projects are increasing steadily, both in terms of the project pipeline and the number of projects deployed and operating. Two factors are influencing that expansion: first, demand for energy storage is increasing as utilities learn more about energy storage technologies and become less risk averse, and second, as the economic outlook brightens, companies are more willing to invest the capital frequently required for energy storage. According to a new tracker report from Pike Research, a part of Navigant’s Energy Practice, the total number of energy storage projects worldwide (including announced, funded, under construction, and operating facilities) reached 714 in the last quarter of 2012.
“Various governments’ strategies to expand energy storage are beginning to yield significant dividends in the form of expanded project count and capacity,” says research analyst Anissa Dehamna. “Looking back, we can see that there was a considerable diversification of the technology mix during 2010. Both private investment and government spending contributed to this diversification. For example, the American Recovery and Reinvestment Act (ARRA) came into effect in February 2009, and the U.S. government disbursed these funds throughout the following year.”