According to the research firm, buildings represent a large portion of total energy consumption, and many commercial users are actively seeking ways of managing their energy costs through efficiency measures, demand response technology, variable electricity pricing structures, and smart technology for building systems such as heating, cooling, and lighting.
Research analyst Eric Bloom said: â€œEnergy storage gives a building owner the means to buy energy when it is less valuable and use it when it is more valuable. The ability to manage operating expenses in the face of aggressive demand charges and dynamic pricing schemes, which are on the rise throughout North America, presents a compelling opportunity for building owners and managers.â€
Today the main energy storage applications in commercial buildings are backup power and time shifting, using thermal energy storage (TES). While these will continue to lead the market in the foreseeable future, significant opportunity also exists for commercial buildings to utilize flow batteries and lithium ion (Li-ion) batteries for energy storage as the economics of those technologies continue to improve.
The total potential value of various benefits to building occupants of energy storage could reach the $150 billion range over the next decade, although the actual value of the market will likely be smaller than the potential, said the research firm.
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