Japan will become PV energy storage market leader

Market to reach US$2.8 billion over next five years.

Market research firm Lux Research said Japan is expected to be the leading adopter if combined PV and energy storage systems.

The market research firm said that it expected PV storage to become a US$2.8 billion market over the next five years with grid-tied solar installations totaling 675 MW or nearly 95% of the combined 711 MW market. Off-grid applications including telecom powe, will claim the remaining 5%.

High electricity prices and alternative energy enthusiasm after the Fukushima disaster are expected to see Japan install 381 MW of PV with storage by 2018, leading all other markets by a wide margin.

Lux Research expects Germany will come in second at 94 MW while the U.S. will be third at 75 MW by 2018.

It said residential energy storage will see a boost adoption due to solar, but the addition of storage will barely move the needle for solar players, driving a paltry 1% increase in global PV sales.