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Global installations of photovoltaic (PV) storage systems for commercial use, currently the smallest part of the global solar energy storage business, are projected to expand by a factor of 700 in the coming years and become the largest market…
>“Just last year, commercial was the smallest market for PV storage systems, far behind the residential and utility-scale segments,” said Abigail Ward, PV analyst at IHS. “However, facing rising energy prices and the growing need for backup power supplies, commercial enterprises are turning to PV storage solutions that work in concert with their solar-power systems. This will allow commercial to surge past residential and utility to become the largest market for PV storage in just four years.”
The commercial solar market consists of PV systems installed in businesses, including factories, offices and other enterprises. The major reason a commercial enterprise installs an energy storage solution is the desire to intelligently manage the use of PV energy to reduce electricity cost.
“Utilities increasingly are imposing both peak demand charges and time-of-use fees on their commercial customers,” Ward said. “These costs can be minimized by using a PV energy storage solution.”<
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