PV STORAGE BOOM COMING

PV Storage Market Set to Explode to $19 Billion in 2017; Germany leads Again

24 April 2013 (IMS Research/IHS Inc.)

“The worldwide market for PV storage is forecast to grow rapidly to reach $19 billion in 2017, from less than $200 million in 2012, according to a new report…from IMS Research, now part of IHS Inc. (NYSE: IHS).

“Following the introduction of an energy storage subsidy in Germany, global installations of PV storage systems are forecast to grow by more than 100 percent a year on average over the next five years, to reach almost 7 gigawatts (GW) in 2017 and worth $19 billion. Germany will account for nearly 70 percent of storage installed in residential PV systems worldwide in 2013.However, opportunities also will exist in other regions and applications in the future…”

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“Germany’s long-awaited subsidy for PV storage systems is due to launch on May 1st. IHS predicts that the subsidy will promote rapid growth in the German residential sector, and result in almost 2 gigawatt-hours (GWh) of effective storage capacity being installed during the next five years…[T]he proposed subsidy will reduce the average 20-year cost of a PV system with storage to 10 percent less than a system without it…Previously, the high cost of batteries had more than offset the savings created by increased self-consumption, and PV systems without storage offered a more attractive return…

“While Germany is forecast to remain one of the largest markets for PV storage, energy storage solutions will also be deployed in a wide range of other regions…[as] Germany will inspire other countries to follow suit, if the scheme proves successful…Storage is also predicted to be used in larger systems, in order to improve the integration of PV into the grid, increase the financial return of PV systems and meet the increasingly demanding connection requirements that some countries are imposing on intermittent electricity sources…Utility-scale PV systems with storage are forecast to grow to more than 2GW annually by 2017…with Asia and the Americas dominating…”

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