Did you know?
- According to IHS, the global market for energy storage systems to accompany residential solar photovoltaic (PV) generation will grow exponentially, rising from 12MW in 2012 to 2.5GW annually by 2017.
- Germany has kick-started the demand for solar plus storage to increase self-consumption levels of solar electricity, in the residential market. However, Australia, where sunshine is abundant and electricity rates are rising, is tipped to be the next big market for solar plus storage. In Europe, the UK and Italy are also expected to follow Germany’s trend as FiTs continue to reduce and solar PV customers look to become more independent of the grid by using more of the electricity their PV panels generate.
- Residential energy storage costs will fall by nearly half by 2020, which will help to unlock demand for the technology. As prices for lithium ion batteries, the same technology used in consumer electronic devices and electric cars, continue to fall it will help make energy storage systems more affordable. Demand for residential energy storage products will continue to accelerate as PV energy reaches grid-parity in a number of countries.
- Frost & Sullivan predicts that utility-scale grid-connected battery storage could reach 12GW by 2024, while annual revenues will grow to around $8.44 billion (£6 billion).
- The market for utility-scale grid-connected storage is expected to accelerate from 2017 onwards, in markets such as Germany and the US.