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The residential energy storage system is gaining traction due to increased strain on the grid in many regions and the intermittent nature of renewable energy. Grid assets are aging, and severe weather is rising worsening bottlenecks and chokes points in the energy delivery system resulting in higher costs and threatening to increase local power outage. Utilities are deploying residential energy storage systems to replace thermal power plants, support renewable generation, and improve grid reliability and resilience. The residential energy storage system is a highly flexible and valuable resource, improving efficiency for system owners and the power grid. Utilities primarily regard it as a niche product for clean energy connoisseurs. Several factors are contributing to the rapid uptake of the storage system, such as falling cost, increasing natural calamities, solar plus storage benefits, incentives and tax benefits, and grid service payment. It also reduces the peak load on the local grid network and improves the quality of power.
The residential energy storage system market is classified by technology and application. Technology is divided into lithium-ion batteries, lead-acid batteries, and others. The lithium-ion battery is projected to dominate the market owing to high energy density and superior advantages over other technologies. The application segment is divided into on-grid and off-grid. In on-grid storage system power is directly stored from power generating station while off-grid energy storage is used to cater small amount of energy demand.
The residential energy storage system growth is primarily driven by spurring demand for electric vehicles to mitigate the carbon emission. Moreover, the growing demand for uninterrupted power supply and frequent power outage in remote areas likely to strengthen market prospects. Also, the residential energy storage system assists the grid in maintaining reliability and resilience in operation, which eliminates bottlenecks in the transmission and distribution of energy.
The energy storage system requires high capital investment, which deters investment by household owners. Furthermore, most of the batteries contain harmful chemicals and materials which need to be disposed of methodically. Poor implementation of standards and high cost of recycling likely to impede the growth of the market.
Key Market Driver -
Spike in demand for electric vehicle and electronics
Key Market Restraint -
Lack of standards for recycling of batteries and high initial investment
The residential energy storage system market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Residential energy storage system attracting household owners due to continuous fall in prices of the battery. Also, the government provides incentives and tax benefits, which likely to drive the market in North America. The electricity market in Europe is experiencing growth of renewables within their mix, with the level of generation from renewables overtaking those from fossil fuels. Integration of smart grid technologies and an efficient energy storage system set to barge the market in Europe. The rapid economic growth in Asia Pacific is increasing the electricity demand. Due to population explosion and urbanization, a multifold growth was observed in electricity demand. Though the government is extensively investing in ramping up grid infrastructure, a considerable portion of the country is still in dark. Frequent power outage and rising demand for uninterrupted power supply set to boost the growth of the market. Most of the countries are still facing the heat of the non-availability of electricity. A considerable population still lives without electricity. The government is collaborating with various agencies to provide electricity, which likely to drive the residential energy storage system in the Middle East & Africa.
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