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With Increasingly Favourable Market Conditions, Rapid Price Reductions and Rampant Technological Innovation, the Global Residential Battery Storage Market Will Show Dramatic Growth Till 2022
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The residential battery storage market is expected to show enormous growth over the period of 2016 to 2022, from a market of USD744 million in 2016 to USD3.6 billion by 2022. The market is being spurred on by feed-in tariff and net metering revisions in historic residential PV hotspots, subsidies and tax incentives, rapid price reductions in lithium-ion battery prices, and rising electricity tariffs. This is resulting in a shift from policy driven markets for solar power grid trade to self-consumption driven markets. Increasing the business case for such systems, at a time where system prices are still beyond customer acceptance levels for broad based adoption, is an increase in digital integration into these systems. This is allowing for value added functionalities such as electricity aggregation and trade from residential battery cloud based communities, or virtual power plants (VPPS), to the grid under balancing markets for ancillary services. Furthermore, the availability of residential storage increases the attractiveness for customers to enter the demand response market through similar aggregators, further increasing the value stack. Such functionalities allows for the opening up of income streams to customers as well as allowing suppliers to offer system financing support, such as reduced or zero down payment loan, lease or power purchase agreement (PPA) models. Significant reductions in upfront costs to customers through such models, combined with the provision of income streams, cost savings achieved through self-consumption, additional cost saving benefits when combined with electric vehicles, and the benefits of a reliable, green energy supply to customers is expected to drive this market forward, even before system price reductions have reached levels seen as acceptable for broad based adoption. Germany and Japan currently represent the largest markets for residential storage by a significant margin, but considering the above drivers, the market is expected to diversify significantly, with the US and Australia representing the two largest break-out markets and other European markets of Italy and the UK to show significant growth.
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