Germany’s power storage market reaches 5 billion euros

Germany’s power storage market, including both home- and utility-scale batteries, reached a new high of more than 5 billion euros last year, Brian Parkin reports for Bloomberg. The German energy storage federation BVES said that the market is growing by 10 percent - or 500 million euros - a year, driven by plunging technology prices, Bloomberg reports, but growth rates should be even higher to meet expanding demand.
Speaking at this year’s Energy Storage Europe conference in Düsseldorf, BVES’s Urban Windelen told reporters that Germany is at the forefront of new storage technology. "The German storage industry has a technological lead over its international competitors, especially in innovative storage systems that transcend sector boundaries, and is in an excellent position to meet future energy system requirements," he said, according to pv magazine. But, Windeln said, the regulatory framework has yet to catch up to the industry and is slowing growth.