Coupled solar and energy storage market to grow to $2.8 billion in 2018

first_imgCoupled solar and energy storage market to grow to $2.8 billion in 2018Dominated by grid installations, the coupled solar and energy storage segment will prove a boon to energy storage producers but have only a modest impact on the solar market, according to a new report by Lux Research. September 10, 2013 Edgar Meza Installations Manufacturing Markets Markets & Policy Share Companies eager to combine solar and energy storage technology to differentiate products and defend margins could yield lucrative results. Lux Research predicts this symbiotic match could result in a $2.8 billion market over the next five years.Grid-tied solar installations will comprise 675 MW, or nearly 95% of the combined 711 MW market, while off-grid applications, including telecom power, will claim the remaining 5%, Lux finds. While the off-grid market enjoys higher profit margins, the much larger addressable market for grid-tied systems means they dominate the solar and energy storage market.”Developers are pushing packaged solar and storage systems in order to stand out as value-adding leaders, but not all benefit equally,” said Steven Minnihan, Lux Research senior analyst and a co-author of the report titled ”Batteries Included: Gauging Near-Term Prospect for Solar/Energy Storage Systems.”He added that ”residential energy storage will see a boost adoption due to solar, but the addition of storage will barely move the needle for solar players, driving a paltry 1% increase in global PV sales.”Popular content Enabling aluminum in batteries Mark Hutchins 27 April 2021 pv-magazine.com Scientists in South Korea and the UK demonstrated a new cathode material for an aluminum-ion battery, which achieved impressive results in both speci… ITRPV: Large formats are here to stay Mark Hutchins 29 April 2021 pv-magazine.com The 2021 edition of the International Technology Roadmap for Photovoltaics (ITRPV) was published today by German engineering association VDMA. 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