Energy market research company, Frost & Sullivan has published a new report on the global market for battery storage systems.
According to the report, the commercial battery storage market, will grow from $160.4 million in 2017 to $1.6 billion by 2025. This growth has been linked to:
- Feed-in tariffs and net metering revisions in commercial photovoltaic hotspots.
- Subsidies and tax incentives
- Affordable lithium-ion batteries and rising electricity
Utham Ganesh Research Analyst Energy & Environment, said: “Solar paired with storage is increasingly becoming attractive to consumers due to falling solar PV and battery prices as well as the perceptible shift towards decentralized energy.
“The growth of electric vehicles in key global markets is expected to further spur the adoption of commercial battery storage due to its ability to stabilize the grid and generate additional revenue streams.
“The US market will grow the most globally due to the high demand charges for commercial installations, attractive incentives for solar and storage, and a slowdown in the feed-in tariff and net metering schemes. Australia is likely be the biggest market outside of the US due to the expensive electricity and companies’ focus on energy independence from the grid.”
The United States, Australia, Germany and the United Kingdom were the leading markets in 2017, representing 84.3% of all installed units from the countries analyzed. According to the forecast, by 2025, these countries will contribute an annual revenues of $1.5 billion.
You can access the report here.