Global Residential Energy Storage Systems Market - Growth, Trends, and Forecast (2018 - 2023)
The expanding residential solar PV industry, rising electricity costs, reduction in system costs, and preference toward the use of clean and locally generated electricity for more energy independence, are some of the factors driving the residential energy storage market. Evolving business models and involvement of utilities in residential energy storage space is expected to further enhance the adoption of residential energy storage systems (RESS). Among the residential energy storage technologies, lithium-ion battery is expected to lead the RESS market, owing to the efficiency and decline in the costs.
Expanding Residential Solar PV Industry - Driving the Market
Over the past decade, solar photovoltaic (PV) power has experienced dramatic deployment growth, coupled with substantial decreases in system prices. Battery storage systems are increasingly being combined with residential solar PV installations because of their ability to make solar “dispatchable” by supplying stored electricity at later times of the day, when it would be more economical to do so. The regulatory framework and economic structure of various countries are now favoring solar rooftop installations. Solutions, such as community/cooperative solar solutions, green certificates, tax exemptions for income through solar energy, virtual net-metering, roof rental, and green energy wheeling are driving the solar rooftop installations. Hence, governmental support and decreasing component prices of residential solar PV is expected to drive the growth of residential ESS market across the globe, during the forecast period.
Asia-Pacific is likely to continue to Lead the RESS Market During the Forecast Period
In the RESS market, Asia-Pacific holds the majority share in terms of revenue. Australia, Japan, China, and India are the key regions, and they are likely to exhibit immense growth potential over the forecast period. Japan is one of the leading countries in terms of renewable energy integration. The country is promoting installation of batteries in homes by providing various incentives. In Australia, high electricity prices, decreasing feed-in-tariffs, high solar irradiance, and decline in battery prices are driving the use of residential energy storage systems, along with solar PV. India has set a path to achieve 100 GW power capacity through grid-connected solar energy by 2022, out of which, 40 GW is targeted to come through rooftop solar installations. In India, the residential rooftop solar PV installation is expected to reach a cumulative capacity of 5GW by 2022, which is expected to provide huge opportunities for energy storage system providers.
India Among the Fastest Growing Markets for RESS
In India, several key factors are driving the market for energy storage, perhaps most notably, the ambitious National Solar Mission. In 2014, Prime Minister Narendra Modi announced a national target to install 100 GW of solar PV capacity by 2022, which would make the country one of the largest solar power markets in the world. At the end of December 2017, the total installed solar capacity was 14.8 GW. India’s rapid population growth, particularly in urban areas, is driving the need for reliable power across the country. Furthermore, the country experiences frequent power outages due to severe weather, insufficient generation capacity, and fragile infrastructure, which contribute heavily to the need for RESS in India.
Key Developments in the Market
July 2017: Aquion Energy, Inc. announced the resumption of operations after successfully emerging from Chapter 11 status.
July 2016: French oil major Total S.A announced the successful completion of its billion-dollar acquisition of leading battery designer Saft S.A. Total S.A now holds 90.14% of Saft Groupe shares, following the public tender offer initiated by Total on Saft Groupe.
The major players include - Aquion Energy, Inc., LG Chem Ltd, Hitachi Chemical Co. Ltd, Panasonic Corporation, and Samsung SDI Co. Ltd, amongst others.
Reasons to Purchase The Report
Current and future global residential energy storage system market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identify the latest developments, and strategies employed by the major market players.
3 months analyst support along with the Market Estimate sheet (in excel).
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