Energy storage is likely to be worth “tens of billion dollars in the next five to 10 years” across a number of global regions, according to executives at solar microinverter firm Enphase.
Paul Nahi, president and chief executive of Enphase said in his company’s quarterly earnings call earlier this week that Enphase believed “very strongly that the growth of renewables have to be associated with a storage solution”. While acknowledging that storage is an industry in its early infancy at present, Nahi also said he believed storage will become an “essential part” of the energy mix in future.
Responding to questions from Pierre Macagno of investment bank Dougherty & Company and Vishal Shah of Deutsche Bank on expectations for the energy storage market and Enphase’s plans to take it on, Nahi was enthusiastic about the prospect but prefaced his response with an important caveat.
“The storage market is a tough one, because it doesn’t really exists yet, and you can make the case that in the US residential market today, there isn’t an economic case because we have net metering and I think that’s certainly true,” Nahi said.
“…We do believe very strongly that the growth of renewables have to be associated with a storage solution…In terms of how big it [the energy storage market] is, hard to say…but I would be surprised if it wasn’t in the tens of billions of dollars in the next five to 10 years.”
The full version of this story can be read at PV Tech Storage.