The outlook for the growth of the energy storage industry is very strong, much like the outlook for the solar industry. And while the two industries are distinct, the historical growth patterns of the two industries are quite similar. In the past ten years, solar had a compound annual growth rate of more than 60 percent. The energy storage market has also undergone substantial growth; 83 MW of storage were installed in 2012. By 2021 GTM Research predicts more than 2 GW will be installed annually.
In the U.S., the fourth quarter of 2016 was a record quarter for megawatt (MW) installations, with 140.8 MW of energy storage deployed, according to GTM Research. This was a 25 percent increase from the final quarter of 2015. In terms of megawatt-hours, 2016 saw a 100 percent increase in deployment from the previous year. This growth is not expected to cool. GTM Research predicts that the U.S. energy storage market will be evaluated at $3.3 billion by 2022 – that is, a tenfold increase from last year. The next five years are likely to cumulatively reach over $11 billion in revenue.