Home energy storage system, also known as battery energy storage system, its core is a rechargeable energy storage battery, usually based on lithium-ion or lead-acid batteries, controlled by a computer, charging and discharging under the coordination of other intelligent hardware and software cycle. Home energy storage systems can usually be combined with distributed photovoltaic power generation to form home solar storage systems, and the installed capacity is experiencing rapid growth.
The development trend of home energy storage system
The core hardware equipment of the home energy storage system includes two types of products: batteries and inverters. From the user’s point of view, the household solar storage system can reduce the electricity bill while eliminating the adverse impact of power outages on normal life; from the perspective of the grid side, household energy storage devices that support unified scheduling can alleviate the power shortage during peak hours and provide The grid provides frequency correction.
From the perspective of battery trends, energy storage batteries are evolving towards higher capacities. With the increase of residents’ electricity consumption, the charging capacity of each household is gradually increasing, and the battery can realize system expansion through modularization, and high-voltage batteries have become a trend.
From the perspective of inverter trends, the demand for hybrid inverters suitable for incremental markets and off-grid inverters that do not need to be connected to the grid has increased.
From the perspective of terminal product trends, the split type is currently the main type, that is, the battery and inverter system are used together, and the follow-up will gradually develop into an integrated machine.
From the perspective of regional market trends, differences in grid structures and power markets cause slight differences in mainstream products in different regions. The European grid-connected model is the main one, the United States has more grid-connected and off-grid models, and Australia is exploring the virtual power plant model.
Why does the overseas home energy storage market continue to grow?
Benefiting from the two-wheel drive of distributed photovoltaic & energy storage penetration, overseas household energy storage is growing rapidly.
The energy transition in overseas markets is imminent, and the development of distributed photovoltaics has exceeded expectations. In terms of photovoltaic installed capacity, Europe is highly dependent on foreign energy, and local geopolitical conflicts have exacerbated the energy crisis. European countries have raised their expectations for photovoltaic installed capacity. In terms of energy storage penetration rate, rising energy prices have led to higher electricity prices for residents, which has improved the economics of energy storage. Countries have introduced subsidy policies to encourage household energy storage installations.
Overseas market development and market space
The United States, Europe, and Australia are currently the main markets for household energy storage. From the perspective of market space, it is estimated that 58GWh of new installed capacity will be added globally in 2025. In 2015, the annual newly installed capacity of household energy storage in the world was only about 200MW. Since 2017, the growth of global installed capacity has been relatively obvious, and the annual increase in newly installed capacity has increased significantly. By 2020, the global newly installed capacity will reach 1.2GW, a year-on-year 30% increase.
We estimate that, assuming that the penetration rate of energy storage in the newly installed photovoltaic market is 15% in 2025, and the penetration rate of energy storage in the stock market is 2%, the global household energy storage capacity space will reach 25.45GW/58.26GWh, and the compound growth rate of installed energy in 2021-2025 will be 58%.
Europe and the United States are the markets with the greatest growth potential in the world. From the perspective of shipments, according to IHS Markit statistics, the global new household energy storage shipments in 2020 will be 4.44GWh, a year-on-year increase of 44.2%. 3/4. In the European market, the German market is developing the fastest. Germany’s shipments exceeded 1.1GWh, ranking first in the world, and the United States also shipped more than 1GWh, ranking second. Japan’s shipments in 2020 will be nearly 800MWh, far exceeding other countries. ranked third.
Post time: Dec-06-2022
