Led by price declines in lithium ion batteries, system prices have fallen significantly over the last few years
Monday, November 23, 2015 8:01 am EST
ENGLEWOOD, Colo. (November 23, 2015) – Commercial energy storage activity is currently consolidated in just a handful of leading regions, but falling system costs will be a major factor enabling broader global market growth. For the first time, South Korea, Japan and the United States will each exceed a record 100 megawatts of annual energy storage installations in 2015. These three countries will account for 59 percent of global installations by 2016, but deployment will also increase in other regions in the next five years, according to IHS Inc. (NYSE: IHS), the leading global source of critical information and insight.
“South Korea, Japan and the United States are forecast to account for the majority of combined global installations next year, which shows just how few countries are currently experiencing significant commercial deployment of energy storage,” said Sam Wilkinson, solar supply-chain and energy storage analyst for IHS Technology. “Most other global markets currently remain firmly in the test, pilot and demonstration phases.”