Global Residential Energy Storage Market is expected to register a CAGR of 20.07% during the forecast period
Increasing demand for uninterrupted and reliable power supply and the
rise in adoption of solar rooftop systems by the residential sector is also
expected to drive the growth of the market studied.
According to TechSci Research report, “Global Residential Energy
Storage Market - By Region, Competition, Forecast & Opportunities, 2028”, The Global Residential Energy
Storage Market is expected to register CAGR of 20.07%. The residential
energy storage policies till now are quite nascent. However, countries, such as
the United States and Germany, through state policy action and regulatory
action, are creating opportunities in the local energy storage markets. The
residential energy storage system growth is primarily driven by spurring demand
for electric vehicles to mitigate carbon emission. Moreover, the growing demand
for uninterrupted power supply and frequent power outage in remote areas are
likely to strengthen market prospects. Also, the residential energy storage
system assists the grid in maintaining reliability and resilience in operation,
which eliminates bottlenecks in the transmission and distribution of energy. Transformation
in Germany's energy mix has been taking place for the past few years. Rooftop
solar accounted for a significant share of Germany's total solar energy
generation, mainly due to advanced supporting mechanisms introduced in the
past, such as grants and loans for roof programs. In 2021, Germany introduced a
reform of Renewable Energy Law or EEG 2021, which incorporates the exemption of
EEG levy for the owners of PV systems for self-consumption not exceeding 30kW
in size. Under the previous rules, this limit was set at 10 kW. This EEG levy
is likely to boost the German residential battery market as most residential
systems are in the aforementioned range.
Browse over xx market data Figures spread through 180 Pages and an
in-depth TOC on " Global Residential Energy Storage Market.”
Further, in March 2022, the Institute for Power Electronics and
Electrical Drives (ISEA) and RWTH Aachen University found that the home storage
systems (HSS) accounted for 93% of the 1,357 MWh of new energy capacity
installed in 2021, while the rest 7% includes industrial and large-scale
storage segments. As of January 2022, the United Kingdom registered 13.79 GW
installed solar capacity, and 26% (3.25 GW) of the total capacity has come from
solar PV installations below 10 kW, mainly consisting of residential rooftop
solar photovoltaic consumers. In the United Kingdom, an average resident
consumes between 3kWh and 6kWh of energy daily; accordingly, system sizes may
vary. One of the most common system capacities installed is a 4-kW system,
which is suited to satisfy the energy needs of three-four people. However, a
5kW solar PV system is typical for a home with four-five people, while a 6kW
solar panel system is suggested for a home with over five residents. Hence,
most residential PV systems have a capacity below 10 kW in the country. Moreover, Italy introduced a new super bonus incentive scheme, which
gives the possibility of obtaining a tax credit of 110% for the expense from
July 2020 until 2023, encouraging energy efficiency interventions. However, to
benefit from the super bonus, the PV and the storage system must be installed
in conjunction with one of the main interventions. The overall investments made
must lead to an improvement of an energy efficiency rating. In case of
ineligibility, obtaining the 10-year 50% tax credit already in place for
small-scale PV generation assets and BESS is possible.
Key market
players in the Global Residential Energy Storage Market include:
- Tesla, Inc.
- LG Chem Ltd.
- Sonnen GmbH.
- Enphase Energy, Inc.
- Sunrun Inc.
- Panasonic Corporation.
- Orison.
- Eguana Technologies Inc.
- Pika Energy.
- BYD Company Limited
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“As of February 2020, LG Chem and Span.IO, Inc. launched a battery
storage and intelligent home energy control system which enables customizable
backup power. The system ensure home loads remains powered in the event of
power outage. Highly reliable system is suitable for residential battery
storage and backup power. In addition, In January 2020, Kyocera and 24M
recently unveiled its residential energy storage system, Enerezza. It is the
world’s first system built using 24M’s novel SemiSolid electrode manufacturing
process. The product is designed to meet varied energy demand and available in
5 kWh, 10kWh, and 15kWh. Hence market is expected to grow during the forecast
period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
Residential Energy Storage Market –
Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Technology Type (Lithium-ion Batteries, Lead-acid
Batteries, and Others), By Power Rating (3-6 kW, 6-10 kW, 10-20 kW), By
Connectivity (On-Grid, Off-Grid), By Operation (Standalone, Solar), By Region, Competition 2018-2028 has
evaluated the future growth potential of Global Residential Energy Storage Market
and provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Global Residential
Energy Storage Market.
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