Energy storage giant Samsung SDI and inverter manufacturer Sungrow Power have signed an agreement that will see Samsung enter the Chinese market, according to Yonhap News Agency.
Samsung SDI said it hopes to boost its competitiveness in the Chinese market by producing energy storage systems locally.
Construction of manufacturing facilities is expected to commence next year and production is slated to commence by the latter half of 2015.
Home energy storage
Samsung SDI is a major player in the energy storage system sector and is also leading the way in more affordable home energy storage in Australia, with the recent release of the Samsung SDI All In One 3.6kWh lithium ion battery and management system.
Sungrow Power is China’s largest and the world’s third-largest manufacturer of solar inverters.
According to Lux Research, the global energy storage market will grow at a compound annual growth rate of 8 per cent to US$50 billion in 2020, primarily driven by transport applications.
The residential segment represents the biggest opportunity in stationary energy storage applications Lux research says – jumping from less than $0.1 billion to $1.2 billion in 2020.