The solar energy storage market will surpass an annual installation rate of 3GW by 2025.
That’s according to new research published by market research firm Global Market Insights, which notes in 2018, the combined battery and solar energy sector was worth more than $170 million (£140.6m).
It notes the growth of co-located solar and battery infrastructure will largely be driven by rising environmental concerns in conjunction with “strict regulatory mandates to curtail global emissions”.
It suggests “harnessing the synergy” among intermittent renewable power and demand side electrification is the key factor influencing future adoption rates of such technologies.
The report predicts the market for solar and battery units with less than 1,000kW of capacity will gain signficant momentum on account of significant growth potential across applications behind the meter, primarily in small scale systems.
It states solar energy storage technology enables increased modernisation, reliability, resilience and flexibility, as well as the driver of enhanced economic competitiveness for remote communities and micro-grid solutions.