January 15, 2019
WELLESLEY, Mass., Jan. 15, 2019 – Energy independence, smart homes, electric vehicles and emergency backup power are key factors driving rapid growth in the global market for residential energy storage, blockchain and energy sharing systems, according to BCC Research.
The global market for residential energy storage systems (RESSs) was valued at $3.0 billion in 2018 and is expected to reach $11.2 billion by 2023 at a compound annual growth rate (CAGR) of 30.0% during the forecast period, according to the report “Residential Energy Storage, Blockchain and Energy Sharing Systems: Technologies and Global Market.”
Key players in the industry include: A123 Systems LLC, BMW Group (BAMXF), C&D Technologies, Inc., East Penn Manufacturing Co. Ltd., General Electric Co. (GE), LG Chem, Mercedes-Benz Energy, Nissan Motor Co., Ltd. (NSANY) and Panasonic Corporation (PCRFF), among many others.
“Using batteries to store surplus electricity for later use is not a new concept,” report author Christopher Maara said. “However, in recent years, battery storage technology has received greater attention as a means to support higher levels of electricity generation from renewable energy, especially from sources such as wind and solar photovoltaic (PV) power.”
Widespread Demand for Smart Homes Fuels Market Growth
The aspiration by some homeowners to reside in a smart home that can be remotely controlled and monitored through the cloud, where appliances are networked, is a strong motivator for early RESS energy adopters. Access to a reliable, uninterrupted energy supply is a crucial component of the smart home concept as a whole.
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Residential Energy Storage, Blockchain and Energy Sharing Systems: Technologies and Global Market( FCB043A )
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