Global Residential Energy Storage System Market Outlook to 2023 - Product Image

Global Residential Energy Storage System Market Outlook to 2023

  • ID: 4402759
  • Report
  • Region: Global
  • 110 pages
  • Mordor Intelligence
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FEATURED COMPANIES

  • Aquion Energy
  • Lg Chem Ltd
  • Panasonic Corporation
  • Saft Groupe Sa
  • Senec
  • Sunverge Energy Llc
  • MORE
Energy storage systems are used in the residential sector, to ensure uninterrupted and cheap electricity supply to households. These systems are used either for collecting and storing electricity, during the off-peak period from the grid, or to store the power produced from solar panels / solar rooftop, installed in households. With the rising adoption of the clean energy, energy storage systems promote renewable energy production by making 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 (HESS) can be off-grid solar power systems, hybrid inverters or energy storage systems. HESS include batteries, inverters, charge controllers, communication equipment, cables, wires etc., which further forms the complete system, which can be installed for storage purposes. The residential ESS batteries consist of buck/boost power conversion unit, DC/AC bi-directional conversion unit, and Li-ion battery pack, with battery management systems. 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 systems may not turn out to be viable for residential purposes. Residential storage requirement is smaller in scale and demands comparatively safer and simpler technologies. Moreover, lithium-ion and lead-acid batteries are viable for residential energy storage purposes.

The residential energy storage market provides an enormous potential to improve operations of the grid. Massive adoption of residential solar PV, decline in systems’ costs, increase in power prices, and growing preference toward the use of clean and locally generated electricity are a few 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 sectors. However, bulk initial investment and unawareness about the process, to connect to the grid and metering, are a few roadblock to the growth of the residential energy storage system market.

The Asia-Pacific, followed by Europe and North America, is expected to be the largest and fastest-growing market during 2017-2023 (the forecast period). In Asia-Pacific, China is the leading 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, is expected to propel the 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 self-consumption purposes, has been flourishing in Germany, the United Kingdom and Italy, which is expected to provide great potential to the residential energy storage system market. Along with this, backup requirements in North America is expected to drive the demand for residential energy storage system market. The United States registered more than 1 million residential solar systems, which is expected to get tripled by the next five years. In 2016, South California and Texas experienced maximum solar installations. 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 households.
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Note: Product cover images may vary from those shown
2 of 4

FEATURED COMPANIES

  • Aquion Energy
  • Lg Chem Ltd
  • Panasonic Corporation
  • Saft Groupe Sa
  • Senec
  • Sunverge Energy Llc
  • MORE
1. Executive Summary

2. Research Methodology

3. Market Overview
3.1 Introduction
3.2 Market Size and Demand Forecast Until 2023
3.3 Recent Trends and Developments

4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities

5. Supply Chain Analysis

6. Porter's Five Forces Analysis
6.1 Bargaining Power of Suppliers
6.2 Bargaining Power of Consumers
6.3 Threat of New Entrants
6.4 Threat of Substitute Products & Services
6.5 Competitive Rivalry

7. Global Residential Energy Storage Market Analysis, by Geography
7.1 North America
7.1.1 Market Overview
7.1.2 Market Size and Demand Forecast Until 2023
7.2 Asia-Pacific
7.2.1 Market Overview
7.2.2 Market Size and Demand Forecast Until 2023
7.3 Europe
7.3.1 Market Overview
7.3.2 Market Size and Demand Forecast Until 2023
7.4 South America
7.4.1 Market Overview
7.4.2 Market Size and Demand Forecast Until 2023
7.5 Middle East & Africa
7.5.1 Market Overview
7.5.2 Market Size and Demand Forecast Until 2023

8. Global Residential Energy Storage Market Analysis, by Type
8.1 Lithium-Ion (Li-Ion) Batteries
8.1.1 Introduction
8.1.2 Market Size and Demand Forecast Until 2023
8.2 Lead-Acid Batteries
8.2.1 Introduction
8.2.2 Market Size and Demand Forecast Until 2023
8.3 Others
8.3.1 Introduction
8.3.2 Market Size and Demand Forecast Until 2023

9. Key Company Profiles* (Overview, Products & Services, Financials**, Recent Developments)
9.1 Aquion Energy
9.2 Lg Chem Ltd
9.3 Hitachi Chemical Co. Ltd
9.4 Orison Corporation
9.5 Panasonic Corporation
9.6 Saft Groupe Sa
9.7 Sonnen Gmbh
9.8 Sunverge Energy Llc
9.9 Tesla Inc.
9.10 Senec
9.11 Samsung Sdi Co. Ltd
9.12 Powervault
(*List Not Exhaustive)

10. Competitive Landscape
10.1 Mergers & Acquisitions
10.2 Joint Ventures, Agreements, and Collaborations

11. Appendix
11.1 Contact Us
11.2 Disclaimer
**Subject to Availability on Public Domain
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  • Aquion Energy
  • Lg Chem Ltd
  • Hitachi Chemical Co. Ltd
  • Orison Corporation
  • Panasonic Corporation
  • Saft Groupe Sa
  • Sonnen Gmbh
  • Sunverge Energy Llc
  • Tesla Inc.
  • Senec
  • Samsung Sdi Co. Ltd
  • Powervault
Note: Product cover images may vary from those shown
5 of 4
Note: Product cover images may vary from those shown
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