Report Scope: The scope of this market study includes the leading residential energy storage systems technologies that are currently in use globally.Residential home battery technologies are used across a number of industries and applications, such as automotive, renewable energy and telecommunications.
The technologies discussed in this report are in use across the industries mentioned above and many more as well, as new sectors driven by product and technological innovation emerge.
The market analysis provided in this report is based on a variety of data sources.These include the most recent government, industry, academic and company data regarding the projected level of demand for residential energy storage systems technologies.
This report quantifies battery storage technologies used in residential, including battery storage electrochemistries (e.g., lithium-ion and lead-acid) and all-in-one battery pack storage units (battery, inverter charger and battery management software) for residential electricity storage, as well as RES units that can share stored electricity. It does not include other components such as solar panels and charge controllers. Therefore, this report provides a comprehensive review of available data to provide a realistic and accurate assessment of this evolving market.
BCC Research analyzes each major residential energy storage systems technology, determines its current market status, examines its impact on future markets, and presents forecasts of growth over the next five years.Estimated values used are based on manufacturer’s total revenues.
Projected and forecast revenue values are in constant US dollars, unadjusted for inflation. Technological issues, including the latest trends, are assessed and discussed, as are the current and likely-to-appear regulatory environments in support of this industry.
BCC Research analyzes the industry on a worldwide basis in terms of its manufacturing and use of residential energy storage systems.BCC Research examines government roles in support of residential energy storage systems technologies worldwide, including regulatory support and government requirements, for residential energy storage systems technologies.
The report provides a review of the most relevant residential energy storage systems, discusses recent trends and sales, and provides industry overviews and market assessments for leading residential energy storage systems.
Report Includes: - 45 data tables - A comprehensive overview of the global market for residential energy storage, blockchain and energy sharing systems - Analyses of global market trends, with data from 2017 to 2018, and projections of compound annual growth rates (CAGRs) through 2023 - Characterization and quantification of market potential for residential energy storage market by product offerings, storage types, applications, end user industries and major geographies - Assess current market trends and technological updates along with the factors influencing the growth of residential energy storage market - A relevant patent analysis - Profiles of top market players within the industry including ACME Cleantech Solutions Pvt. Ltd., BMW Group, DMS Technologies, Exide Technologies GmbH and LG Chem Ltd.
Summary The combination of the rising cost of energy and more affordable renewable energy technologies has made it more compelling for homes to generate and store their own electricity.Residential energy storage systems (RESSs) have led to the adoption of energy conservation measures to control and manage the increased expenditure on energy.
Owners of residences with solar and energy storage can protect themselves from grid power outages and achieve energy independence. The addition of energy storage is leading to a proliferation of photovoltaic (PV) systems since they increase self-consumption and also help consumers keep rising energy bills in check.
Energy storage technology has great potential to improve electric power grids and enable more selfconsumption of renewable electricity while providing alternatives to fossil fuels.The value proposition for residential energy storage today is where solar PV was seven years ago, and the factors that led PV to mass affordability will likely have a similar effect on battery storage systems.
Battery costs have declined by REDACTED over the past decade, and dozens of startups and large manufacturers are now competing to develop safer, more efficient, lower-cost and longer-life battery chemistries.
The promise of RESS technology lies in its potential to - - Increase grid efficiency and reliability—optimizing power flows and supporting variable power supplies from wind and solar generation. - Allow vehicles powered by batteries or other electric technologies to displace vehicles burning gasoline and diesel fuel, reducing associated emissions and demand for oil.
Technological advances and rapidly falling costs —such as a REDACTED drop in the price of solar PV modules inthe past five years—are driving record-breaking increases in capacity, and growth in investments inglobal clean energy and jobs. As battery costs continue to fall, battery storage will become an increasingly attractive option for storing renewable electricity at the household, business and community levels.
The global RESS market grew from nearly REDACTED in 2017 to REDACTED in 2018, a growth rate of REDACTED.Over the forecast period, overall revenues from global RESS shipments are forecast to grow at acompound annual growth rate (CAGR) of REDACTED to reach a value of REDACTED in 2023.
The market is being spurred by a number of factors, including feed-in tariff (FIT) and net metering revisions in historicresidential PV hotspots, subsidies and tax incentives, rapid price reductions in lithium-ion battery prices,and rising electricity tariffs.
The largest technology sub-market is lithium-ion storage.The market for these systems was valued at REDACTED in 2017, growing at REDACTED to REDACTED in 2018, and is forecast to grow at a CAGR of REDACTED over the next five years to reach a market value of nearly REDACTED by 2023.
Lithium-ion dominates onaccount of its low cost, but it has reached that cost because of demand driving production. Thisfavorable increasing-demand/decreasing-cost trend is not expected to slow down through 2023.
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