Global Residential Energy Storage System Market – Overview, Size, Share, Growth, Trends, and Forecasts (2017 - 2022)
The residential energy storage system market, valued at USD XX billion in 2016, is expected to reach USD XX billion by 2022, registering a CAGR of XX% during 2017-2022 (the forecast period). The energy storage systems are used by the residential segment, to ensure uninterrupted and cheap electricity to the households. They can be used for either collecting & store electricity during the off-peak period from the grid or to store power produced from solar panels / solar rooftop installed in the households.
With the increasing trend of the clean energy, the energy storages help to promote renewable energy production, by making the idea of renewables viable by extending the reach of solar power to provide power supply after sunset. With the increasing residential solar power generation, the market for the household energy storage industry is accelerating.
Home energy storage systems can be off-grid solar power systems, hybrid inverters or energy storage systems. These includes batteries, inverters, charge controllers, communication equipment, cables, wires etc., further, forming a complete system that can be installed for storage purpose. The residential ESS batteries consist of buck/boost power conversion unit, DC/AC bi-directional conversion unit and Li-ion battery pack with a battery management system. A wide range of energy storage technologies is available in the market. Considering the energy consumption patterns appropriate storage system can be selected, as all the systems may not turn out to be viable for residential purpose. Residential storage requirement is smaller in scale and demands comparatively safer & simpler technologies. Moreover, lithium-ion and lead-acid batteries are viable for residential energy storage purpose.
The residential energy storage market provides an enormous potential to improve the operations of the grid and efficient resilience. Mass adoption of residential solar PV, falling system cost, increasing power prices, desire to use clean and locally generated electricity are few of the factors fueling the demand for residential energy storage systems. The market is also driven by the government subsidies, incentives and evolving utility rate structures, around the world. Energy storages facilitate the development and integration of renewable energy in commercial as well as residential segments. However, bulk initial investment and unawareness about the process to connect to the grid and metering are few factors restraining the demand for residential energy storage systems.
In Asia-Pacific, China is leading the residential energy storage market. The increasing residential solar installations, accompanied by government policies and initiatives for promoting clean energy, such as tax benefits, feed-in-tariffs and others, are expected to provide a market for the residential energy storage systems, in the region. Whereas, Japan is expected to be the largest market for residential energy storage systems, during the forecast period. Considering the electricity shortage in the country, the government has been providing a subsidy to promote the use of Li-ion batteries in residential and commercial buildings. In Europe, the market for solar PV, for a self-consumption purpose, has been flourishing in Germany, UK and Italy, which is expected to provide great potential for the residential energy storage system market to expand. Along with this, the backup requirements in North America is expected to drive the demand for residential energy storage system market. The United States witnessed more than 1 million residential solars and in the next five years, the figure is expected to get tripled. In 2016South California and Texas experienced maximum solar installations during 2016. This indicates that the market for residential energy storage system has great potential to expand in North America.
The active participants in the residential energy storage market include battery pack manufacturers, inverter manufacturers, solar PV developers, automotive manufacturers and software providers, along with the households.
Major Players of Residential Energy Storage Systems are:
Nissan Co., Ltd.
Sunverge Energy LLC.
Ceres Power Holdings Plc.
Solomon Technologies Inc.
Yanmar Co., Ltd.
Market overview - market analysis and identification of key drivers, restraints and opportunities
Major trends and economic outlook
Porter’s five force analysis
Comprehensive summary on the industry sectors and regions poised for the fastest growth
Global residential energy storage system market analysis by application, end-user and region
Future outlook of the market
Extensively researched competitive landscape section with profiles of major companies, along with their estimated market shares
Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.