The commercial sector of the solar energy storage market is projected to expand by a factor of 700 in the coming years and become the largest market segment in 2017, according to a report by analysts IHS.
Global installations of photovoltaic (PV) storage systems for commercial use are set to rise to 2.3 GW in 2017, up from a mere 3.2 MW in 2012, according to the report entitled “The Role of Energy Storage in the PV Industry”.
This will increase the commercial segment’s share of PV installations to 40% in 2017, up from 5% in 2012.
Concerns about energy rates and grid reliability are prevalent in the North American commercial market. Consequently, North America is expected to lead the world in commercial PV storage, accounting for more than 40 percent of installations in 2017.
Another lucrative region for commercial PV energy storage is Japan, where electrical blackouts are common following the Fukushima nuclear disaster. Also on a fast growth track is Germany, where self-consumption of PV energy is becoming increasingly financially attractive.
Abigail Ward, PV analyst at HIS, said: “Installations in the commercial PV sector potentially can reach the point of payback much more quickly than those in the residential area. This will encourage many PV storage suppliers to enter the business in the coming years.”