Press Releases

Global Residential Energy Storage Systems Market Advances at 30.0% CAGR

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.

Research Highlights:

  • Lithium-ion dominates the market on account of its low cost – which has been achieved due to the high demand for driving production. This favorable increasing-demand/decreasing-cost trend is expected to continue through 2023.
  • One immediate driver for utility deployment of storage is growth in intermittent home, wind and solar power systems, and the consequent need for flexible systems in ensuring power supply stability.
  • While Germany and Japan currently represent the largest markets for residential storage by a significant margin, the market is expected to diversify significantly with the U.S. and Australia representing the two largest break-out markets.

“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.

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.

Residential Energy Storage, Blockchain and Energy Sharing Systems: Technologies and Global Market( FCB043A )
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