Energy storage giant Samsung SDI and leading inverter manufacturer Sungrow Power have signed an agreement that will see Samsung enter the Chinese market.
According to Yonhap News Agency, Samsung SDI said it hopes to boost its competitiveness in the Chinese market by producing ESS (Energy Storage Systems) locally. Construction of manufacturing facilities is expected to commence next year and production is slated to commence by the latter half of 2015.
Samsung SDI is a leader in the energy storage system sector and has ranked number one for market share since 2010. The company is also leading the way in more affordable home energy storage in Australia, with the recent release of the Samsung SDI All In One 3.6kWh lithium ion battery and management system.
Sungrow Power is China’s largest and the world’s third-largest manufacturer of solar inverters. The brand has become quite popular in Australia for home solar installations; with Sungrow solar inverters offering a range of features and build quality usually found in more expensive units.
According to Lux Research, the global energy storage market will grow at a compound annual growth rate of 8% to $50 billion in 2020; primarily driven by transport applications.
The residential segment represents the biggest opportunity in stationary energy storage applications Lux research says – jumping from less than $0.1 billion to $1.2 billion in 2020.
As was the case with solar power, Germany is at the forefront of the home energy storage revolution; helped along by the nation’s generous incentives for installing battery systems that have made storage very affordable according to the German Solar Industry Association.
Germany is expected to experience massive growth in small scale energy storage over the next four years, from 6,000 units in 2013 to an estimated 100,000 units in 2018. If that is achieved, then Lux Research’s estimates for the global market may be just a tad on the conservative side.
