Global Residential Battery Energy Storage Growth Opportunities

Global Residential Battery Energy Storage Growth Opportunities

Higher Electricity Prices, Declining Technology Costs, and Desire for Grid Independence are Factors Driving Market Growth

RELEASE DATE
23-Nov-2021
REGION
Global
Research Code: MF92-01-00-00-00
SKU: EG02184-GL-MT_25982
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Description

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.

Key Issues Addressed

  • What are the key drivers and restraints impacting future growth in the market?
  • What is the forecast growth in key country markets in systems, revenues, and kWh storage?
  • What are the market shares of leading players in the market, and how did they achieve their positioning? 
  • What is the main distribution model for the market?
  • What are the key growth opportunities for market participants to secure their place in the future market? 

Author: Jonathan Robinson

Table of Contents

Why is it Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top Three Strategic Imperatives on the Residential Battery Energy Storage (BES) Industry

Growth Opportunities Fuel the Growth Pipeline Engine™

Key Findings

Key Findings (continued)

Residential Battery Energy Storage Market Scope of Analysis

Market Segmentation

Key Competitors

Key Growth Metrics for the Residential Battery Energy Storage Market

Distribution Channel Analysis

Growth Drivers for the Residential Battery Energy Storage Market

Growth Restraints for the Residential Battery Energy Storage Market

Forecast Assumptions

Revenue and System Installations Forecast

Cumulative and Annual Capacity Additions Forecast

Revenue Forecast by Region

System Installations Forecast by Region

Revenue and System Installations Forecast Analysis by Region

Revenue and System Installations Forecast Analysis by Region (continued)

Annual Capacity Additions Forecast by Region

Cumulative Capacity Forecast by Region

Pricing Trends and Forecast Analysis

Competitive Environment

System Installations Market Share of Top Participants

System Installations Market Share Analysis

Key Growth Metrics for the Residential Battery Energy Storage Market—North America

Revenue and System Installations Forecast—North America

Cumulative and Annual Capacity Additions Forecast—North America

Revenue Forecast by Country—North America

System Installations Forecast by Country—North America

Annual Capacity Additions Forecast by Country—North America

Revenue, Systems Installations and Annual Capacity Additions Forecast Analysis by Country—North America

Key Growth Metrics for the Residential Battery Energy Storage Market—Europe

Revenue and System Installations Forecast—Europe

Cumulative and Annual Capacity Additions Forecast—Europe

Revenue Forecast by Country—Europe

System Installations Forecast by Country—Europe

Annual Capacity Additions Forecast by Country—Europe

Revenue, System Installations, and Annual Capacity Additions Forecast Analysis by Country—Europe

Revenue, System Installations and Annual Capacity Additions Forecast Analysis by Country—Europe (continued)

Revenue, System Installations and Annual Capacity Additions Forecast Analysis by Country—Europe (continued)

Key Growth Metrics for the Residential Battery Energy Storage Market—Asia & Oceania

Revenue and System Installations Forecast—Asia & Oceania

Cumulative and Annual Capacity Additions Forecast—Asia & Oceania

Revenue Forecast by Country—Asia & Oceania

System Installations Forecast by Country—Asia & Oceania

Annual Capacity Additions Forecast by Country—Asia & Oceania

Revenue, Systems Installations and Annual Capacity Additions Forecast Analysis by Country—Asia & Oceania

Revenue, Systems Installations and Annual Capacity Additions Forecast Analysis by Country—Asia & Oceania (continued)

Growth Opportunity 1: Solar + Storage Value Proposition

Growth Opportunity 1: Solar + Storage Value Proposition (continued)

Growth Opportunity 2: New Business Models for Storage-as-a-Service

Growth Opportunity 2: New Business Models for Storage-as-a-Service (continued)

Growth Opportunity 3: Leverage Data Analytics for Residential Battery Energy Storage

Growth Opportunity 3: Leverage Data Analytics for Residential Battery Energy Storage (continued)

Your Next Steps

Why Frost, Why Now?

List of Exhibits

List of Exhibits (continued)

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Related Research
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.--BEGIN PROMO--

Key Issues Addressed

  • What are the key drivers and restraints impacting future growth in the market
  • What is the forecast growth in key country markets in systems, revenues, and kWh storage
  • What are the market shares of leading players in the market, and how did they achieve their positioning 
  • What is the main distribution model for the market
  • What are the key growth opportunities for market participants to secure their place in the future market 

Author: Jonathan Robinson

More Information
No Index No
Podcast No
Author Jonathan Robinson
Industries Energy
WIP Number MF92-01-00-00-00
Is Prebook No
GPS Codes 9AFE-A4,9AFF-A4,9B00-A4,9851,9852