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German energy storage market to reach USD 1 billion in 20212016.08.01

German energy storage market to reach USD 1 billion in 2021

GTM Research’s new report takes a glance at the German energy storage market from 2016 to 2021 and predicts it to grow elevenfold in megawatt terms reaching an annual value of USD 1.03 billion in 2021.

Due to declining feed-in tariffs, high electricity prices and the mass of installed renewables, Germany is already one of the world’s leading energy storage markets having reached a value of USD 169 million with 67 MW (128 MWh) of installed energy storage capacity at the end of 2015.

Driven by incentives known as KfW 275 for energy storage systems paired with new or existing solar installations, further declining feed-in tariffs and electricity prices staying high, the German residential market is predicted to stay on the track, accounting for 49 percent of all MW installed by 2021.

When it comes to utility-scale energy storage, Germany’s second-largest storage segment, the primary reserve market will offer significant opportunities in the short term, the report states. However, utility-scale systems will need to pursue other streams after the market is anticipated to be saturated by the end of 2017.

Source: www.greentechmedia.com

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