Storage pipeline grows to 10.4 GW, installations reached 1.9 GW in 2017, finds IHS Markit
Analyst data records 53% annual growth in storage in 2017, rising to 1.9 GW as South Korea rose to top of the tree in terms of cumulative capacity. Global project pipeline has soared to 10.4 GW.
New storage data released today by IHS Markit shows a global project pipeline of 10.4 GW by the end of the first quarter, following a 53% increase in installations last year.
IHS Markit’s figures come a week after an inaugural storage market report by GTM Research, and the two reports display both similarities and differences.
Last week’s GTM Research report found that the industry added 1.4 GW of new storage capacity in 2017, with the U.S. leading the way in installed capacity with a figure of 431 MW.
The data from IHS Markit, meanwhile, suggests that 1.9 GW of new capacity was installed in 2017, with South Korea overtaking the U.S. as the largest storage market globally. These two nations, along with Japan, accounted for more than half of 2017’s global storage installations, the analysts found,
This year, IHS Markit expects new capacity to reach 3 GW, drawn from a longer-term project pipeline that stands at 10.4 GW as of March 31.
