PV Storage Could Grow By 100% Per Annum

At an annual rate of 100 percent growth, the PV storage industry is set to hit $19 billion by 2017, says IHS Inc., Colorado, USA. That is some 7 gigawatts of storage, or 2 gigawatts every year till 2017. Last year, the global PV storage market was worth only $200 million.

IHS also predicts 70 percent of the world’s installed storage will occur in Germany. But while Germany is leading the way in renewable energy storage installations, many other countries are following. If Germany’s recent subsidies prove successful, other countries will look to replicate that. IHS argues that even without the subsidies, the decline in market prices of residential storage will cause the market to grow in countries like the UK.

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