Global Household Energy Storage Industry Status: Rapidly Growing Global Market Driven by Rising Electricity Costs
Date:
2024-04-30 10:07
Introduction of Household Energy Storage
According to the classification of energy storage scale, energy storage systems can be divided into distributed energy storage and centralized energy storage. Household energy storage is a kind of energy storage system used in families or houses, usually as a battery energy storage system, mainly to store electricity for daily use or as a reserve power supply in case of emergencies. Household energy storage systems can be used in conjunction with renewable energy systems, such as solar photovoltaic, to achieve the purpose of staggered power consumption and saving electricity costs.
Residential energy storage has become one of the most promising markets
The advantages of energy storage systems are outstanding. With the advancement of technology, household energy storage systems are increasingly welcomed by the market as they are characterized by safety, reliability, scalability, and ease of operation, and can provide backup power to cope with grid outages, balance energy supply and demand, improve self-sufficiency, and reduce electricity bills.
The residential energy storage system has many advantages and become one of the most promising emerging markets. The global new installed capacity of residential energy storage from 2018 to 2023 increased from 0.5GWh to 12GWh, and it is expected that the global new installed capacity of residential energy storage will reach 247.6GWh in 2026.
Rising electricity costs and rapid development of household storage in Europe and the U.S
In terms of regional development, Europe and the United States are leading the development of household storage, with a total share of about 70%.
On the one hand, per capita electricity consumption in Europe and the United States is high. According to the data, the annual per capita electricity consumption in Germany, the United States, and Australia in 2020 was 9857kWh, 12235kWh, and 6771kWh, respectively far exceeding China's per capita consumption of 5297kWh.
On the other hand, the cost of electricity in Europe continues to rise. In recent years, as the problem of energy supply is highlighted, electricity prices in major European countries have risen rapidly and maintained a high state. At the same time, European countries rely heavily on energy imports, and energy prices fluctuate greatly, increasing residents' concerns about electricity supply. For example, from December 2021 to December 2022, German residential electricity prices has increased from 0.323 euros/kWh to 0.336 euros/kWh. Since 2023, the price of electricity in major European countries has declined but is still at a relatively high level, and the economic demands for electricity users are obvious.
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