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Lux Research, Inc.
Coupled Solar and Energy Storage Market to Grow to $2.8 Billion in 2018
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 – September 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.
About Lux Research
Lux Research provides strategic advice and ongoing intelligence for emerging technologies. Leaders in business, finance and government rely on us to help them make informed strategic decisions. Through our unique research approach focused on primary research and our extensive global network, we deliver insight, connections and competitive advantage to our clients. Visit www.luxresearchinc.com for more information.