Why Energy Storage Matters
New York Times article NYSE : The U.S. is investing $7 billion in wind and solar power to cut greenhouse gas emissions, a move that has helped fuel the economic recovery.
The energy storage market has been growing rapidly and has become a major driver of growth in the solar market.
And while the growth in energy storage has slowed down, its momentum has been on the rise.
New York Energy Research Associates (NYERA), a market research firm, forecasts that energy storage is expected to grow by $20 billion this year.
“We expect the energy storage sector to continue to grow in 2020, and in the coming years, the growth will be even faster,” said Tim Johnson, a principal at NYERA.
“This is the best opportunity we’ve had in the last 20 years.”
The company forecasts the U.K. will become the first country to have the first 1,000 megawatt energy storage projects by 2021, after Germany and France.
In addition, it says it expects Germany to become the world’s first nation to have 100 megawatts of energy storage by 2022.
And the world will soon have 1,500 megawatts of energy supply, which is about the same size of the country’s entire power grid, according to the company.
“In addition to the U and U.k. energy storage markets, we believe that the next wave of energy is being driven by the Chinese market,” Johnson said.
China is already the world leader in energy-storage technology, with more than 20 gigawatts of capacity.
New projects are expected to take off in China in the next five years.
China has an ambitious goal to generate 40 percent of its electricity from renewable energy sources by 2020, which would double its electricity production to 2.5 trillion kWh annually.
The country’s plans are being watched closely by investors, and the Chinese government has already invested billions of dollars in its grid.
The New York energy storage boom has seen a rapid surge in the value of solar energy, which has tripled in the past decade.
Bloomberg News reported that Chinese solar power prices have doubled from $3.80 per kilowatt-hour in 2010 to $25 per kilawatt-year in 2014.
And this year, a Chinese investor said the Chinese solar industry has already surpassed the U, U. K. and France, adding that the price of solar power in the U.-K.
and U.-France has reached record highs.
“Solar is growing like crazy, and it’s becoming cheaper to build,” said Dan Smith, an energy analyst at New York-based broker MJC.
“I think it’s going to continue growing for the foreseeable future.”
Johnson, however, said he thinks solar energy is the future.
“If you look at the number of projects in the United States, the United Kingdom and China, you can see there are already more than a million of these projects going on right now,” he said.
“So I think the U-K.
market is going to be a big player in the energy space.”
The NYERB research report predicts that the U of C, with its large size, is the leader in the sector.
“U.K., as you know, has been the biggest market for renewables and is already a huge market, but they’re really taking it to the next level,” Johnson added.
“They’re really going after the energy market with new projects and that’s where it’s headed.”
The study also forecasts that U.C. students will be the first generation of the next generation of energy professionals.
The study predicts that in 2040, the U would have the largest number of college graduates in the world.
It also predicts that a third of all U. S. jobs will be in energy technology by 2040.
Johnson also pointed to the growing power of technology.
“There’s more and more power in renewables and solar and energy storage,” he added.
The report projects that the solar industry will grow to over $3 trillion in 2020.
“The U.B.C., the University of California system, and now the New York University system are all leading the way,” Johnson noted.
“It’s really the world-class universities that are leading the charge.
We think they’re going to keep it going in the future.”
The New Energy Generation Market The New Generation Market has been around since the 1970s, but the UB/NYU Energy Institute at NYU’s Tisch School of the Arts said it is not yet ready for prime time.
“With all due respect to the University, the research was done back in 1971,” said Dr. Michael Schoenfeld, a professor of energy economics at Tisch.
“But I don’t think it has been sufficiently studied to get to the point that we can say, ‘Wow, it’s a new market.'”
The NYE study forecasts that the New Generation market will grow from $9 billion in 2020 to $35 billion by