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Higher Electricity Prices, Declining Technology Costs, and Desire for Grid Independence are Factors Driving Market Growth
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The residential battery storage market will continue its recent trajectory of strong growth, with global revenues increasing from $3.05 billion in 2021 to reach $8.11 billion in 2030. High electricity prices, declines in feed-in tariffs and net metering payments, and continued declines in lithium-ion battery prices and associated components are the key drivers. These drivers help create a viable business case for battery energy storage, particularly for households acquiring new systems, where solar + storage propositions are increasingly common. Advanced digital-based value propositions will also become important in the coming years. This allows for value-added functionalities such as electricity aggregation and trade from residential battery cloud-based communities (known as virtual power plants) to the grid under balancing markets for ancillary services. All of these bring additional revenues for householders and solution providers. The additional revenue streams for solution providers also enable them to provide different financing models, aside from direct purchase, such as leasing or as-a-service outcome-based contracts. Germany, the United States, and Japan—key markets in 2021—will remain key markets in 2030 and joined by Australia, South Korea, and China. In Europe, Italy, the United Kingdom, Spain, and Austria will see significant growth. LG Chem, sonnen, Tesla, and BYD are the leading solution providers in the market. Beyond that are over 20 solutions providers that have a strong presence in a few key country markets. As players look to achieve scale, there will likely be some consolidation within the market in the longer term. Partnerships with utilities and automotive companies will be key to future success as electricity and mobility become the same ecosystem.
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Author: Jonathan Robinson
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