INDUSTRY NEWS

14
Jul

European market “the world’s largest ESS market for households”

The development of advanced energy storage systems is making the electricity grid more cost-effective, secure and sustainable, thus there is a huge opportunity for prominent players to continue develop the sector and offer better services to their clients. Energy storage is cornerstone of the grid. Because it can be used with various sources of renewable energy, by eliminating the dependence on weather conditions ESS improves the energy efficiency. According to Navigant Research “the global energy storage system market is expected to increase by 50% from last year to 4.3 gigawatt hours, and reach 14.8 gigawatt hours by 2020.”

One of the companies that intends to concentrate on the fastest growing ESS markets, the US and Europe,  with more focus strategy and stronger presence is Samsung SDI. In an interview with The Korea Herald Park Se-woong, Vice President of Samsung SDI’s ESS team, expressed his expectation that the company will keep seeing ROI and ongoing sales on growing energy storage demand.

Since in Europe there is a stronger pressure on renewable energy, Samsung SDI /a global leader in the residential energy storage market with a market share of about 30%/ is considering the European market “the world’s largest ESS market for residential sector.” The market is expected to grow about 16 percent on an annual average to 146,000 units …

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