The US market for energy storage plants is set for significant growth according to a report from Business Communications Co Electric Utility Load Leveling. The report estimates that the US load levelling market, estimated to be worth $11 million in 2001, will grow by up to 150 per cent each year, leading to a market in 2006 worth $1.2 billion.
With the US electricity market facing unprecedented shortages and increasing demand, energy storage looks financially more attractive than it has in the past. Plants that can store surplus energy at night for use during the day make obvious sense when peak power shortages are the norm.
Much of the growth in energy storage is expected to be from compressed air energy storage plants. Projects with an estimated value of $953 million are expected to be completed by 2006, according to the report. Pumped storage hydro is expected to see a small revival and should see sales of around $200 million by 2006.
Over the five year period the beginnings of a hydrogen economy are expected to develop, creating a $60 million market for fuel cells and hydrogen production and storage. Other storage technologies, such as batteries, flywheels and superconducting energy storage, will see some growth.