Energy storage: $1.03 billion market in Germany by 2021 according to GTM Research

7/29/16, 8:00 AM -

Germany’s energy storage market will grow 11-fold in megawatt terms between 2015 and 2021 and will reach an annual value of $1.03 billion according to GTM Research.

The German energy storage market has high growth potential and offers substantial opportunities for players across value chain, GTM Research predicts.

“With a high base of installed renewables, a supportive policy structure, and innovative local companies, Germany is well positioned to be a leader in the global energy storage market”, Brett Simon, GTM Storage Analyst and author of the report The German Energy Storage Market 2016-2021 says. This offers substantial opportunities for players across the energy storage value chain and it possesses the potential for substantial growth on both sides of the meter, he adds.

Over 700 MW installed capacity by 2021

By the end of 2015 there was already 67MW of energy storage installed according to the report. By the end of 2016 another 161MW is expected to be added. The report predicts that the market will grow to an annual value of $1.03 billion by 2021 and that the total installed energy storage capacity in Germany will reach more than 700MW. Residential energy storage for self-consumption will have a share of around 50 percent by 2021 the reports forecasts. Driving factors are a declined feed-in-tariff, high electricity prices and a large range of installed renewables, especially solar, according to Simon.

Growth on both sides of the meter

Non-residential will have a share of around 15 percent and utility-scale energy storage a share of around 35 percent by 2021, the report predicts. “Utilities pursue energy storage on both sides of the meter”, Simon states. (HCN)

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