Chinese solar storage sector set for 14% growth annually to 2018

A new report by RnRMarketResearch.com has found that China’s solar battery market is set to enjoy a 14% annual rise each year between now and 2018, reaching 65 GW of installed capacity by that date.

The report, titled Development Status and Investment Prospect of Global and China Solar Battery Industry, 2014-2018, analyzes China’s storage market size, the level of current and expected demand, market competition and major solar battery manufacturing enterprises.

China’s widespread adoption of solar PV will help accelerate the sector, the report finds, spurring growth between now and 2018. In 2013, the global PV battery output was 36.5 GW, with China accounting for a 28.86 GW share of the total global figure.

Looking back, solar battery output in China was already 4.38 GW in 2009, which at the time represented 39.8% of global market share, said the report.

Analysts at both Bloomberg New Energy Finance and GTM Research told pv magazine that China will begin to play an ever-increasingly important role in the growth of the global battery storage market in the near future, particularly at large-scale as the country’s solar industry continues to soar.

Last week, China’s National Energy Administration (NEA) boosted the country’s 2015 solar installation goal by 20%, rising from 10.5 GW in 2014 to a targeted 15 GW this year.

April’s edition of pv magazine features an article covering the evolution of large-scale storage technologies worldwide. The issue is published on April 13.