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According to IHS, the energy storage market is set to expand rapidly to an annual installation size of 6 GW in 2017 and more than 40 GW by 2022 (in comparison, 2012 and 2013 represented an initial base of only 0.34 GW). Overall, Citigroup expects the global battery storage market (excluding car batteries) to surge to 240 GW and US$400 billion by 2030.