Dominated by Grid Installations, This Market Segment Will Be a Boon to Energy Storage Producers but Have Only a Modest Impact on the Solar Market, Lux Research Says
BOSTON, MA--(Marketwired - Sep 10, 2013) - Corporates playing in the solar and energy storage sectors have long dreamt of combining the two complementary technologies to differentiate products and defend margins. This symbiotic match shows promise, yielding a $2.8 billion market over the next five years, according to Lux Research.
Grid-tied solar installations will comprise 675 MW, or nearly 95% of the combined 711 MW market, while off-grid applications including telecom power claim the remaining 5%. 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." "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."
Assessing the emerging market for combined solar and energy storage, Lux Research analysts found that:
The report, titled "Batteries Included: Gauging Near-Term Prospect for Solar/Energy Storage Systems," is part of the Lux Research Grid Storage Intelligence and the Solar Systems Intelligence services.
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Contact:
Carole Jacques
Lux Research, Inc.
617-502-5314
carole.jacques@luxresearchinc.com