Global Residential Solar Energy Storage Market 2017-2021: Top Drivers and Forecasts by Technavio
July 17 2017 - 5:03PM
Business Wire
Technavio market research analysts forecast the global
residential solar energy storage market to grow at a CAGR of
close to 68% during the forecast period, according to their latest
report.
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Technavio has published a new report on
the global residential solar energy storage market from 2017-2021.
(Graphic: Business Wire)
The market study covers the present scenario and growth
prospects of the global residential solar energy storage
market for 2017-2021. The report also lists Li-ion battery and
lead-acid batteries as the two major technology segments, of which
the Li-ion battery market accounted for more than 48% of the market
share in 2016.
This report is available at a USD 1,000 discount for a
limited time only: View market snapshot before
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Technavio analysts highlight the following three market drivers
that are contributing to the growth of the global residential solar
energy storage market:
- Reduction in PV and energy storage
systems costs
- Increasing self-consumption and
availability of incentives
- Rising energy costs
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Reduction in PV and energy storage systems costs
The growing focus of countries in terms of shifting to renewable
power generation has led to millions of photovoltaics (PV) systems
to be deployed across the world, to meet the power needs. In
countries where feed-in tariffs exist, excess power is sent to the
grid in exchange for a small compensation. Energy storage systems
are complementing the solar PV systems by storing the excess power
for later use, thereby increasing renewable power penetration as
well as increasing the use of cheaper and cleaner power.
There has been a steady investment in research and development
by energy storage vendors to develop technology that can reduce the
cost of the system. Since 2010, battery cost dropped at an average
of 23% per year, which in turn, has led the storage system cost to
drop at an average of 14% per year.
“The declining cost of energy storage systems
has increased the value of residential PV systems. The cost of
renewable energy systems will plummet with the continuous increase
in their deployment. In the past, the major hurdle for the adoption
of renewables was their intermittency and high cost,” says
Thanikachalam Chandrasekaran, a lead analyst at Technavio for
energy storage research.
Increasing self-consumption and availability of
incentives
Feed-in tariffs are a fixed payment given by the government to a
resident or commercial building that generates electricity from
renewable power and sells it to the grid. It is a long-term
government measure to accelerate investments in renewable power.
Feed-in policies have been the most prominent form of regulatory
measures taken by the government for renewable power generation.
The number of countries with feed-in has increased from 14
countries in 2000 to 110 countries as of 2016. Countries such as
the US, the UK, Germany, China, and Japan have solar feed-in
tariffs.
Energy storage systems are the next logical step to accelerate
the transition to renewable power generation and increase the
savings gained from feed-in policies. In a typical scenario, a
solar PV system generates power and the excess is sold to the grid
for a lower price, and when the PV is not meeting the power needs,
power is bought from the grid. However, adding an energy storage
system leads to higher savings, as it reduces the dependency on
grid power. This is one of the driving factors for energy storage
adoption in the residential sector.
Rising energy costs
Growing population and urbanization worldwide have led to the
continuous growth in global electricity generation. As a result,
utilities are running plants at full capacity to generate more
power from the existing infrastructure. Owing to the increased
power production, there is a gradual increase in power prices. The
rising energy cost has led to the adoption of energy conservation
measures such as generating their own electricity.
“The multiyear decline in solar PV technology
costs has made it competitive with grid electricity prices. The
availability of energy storage increases PV penetration, which, in
turn, increases self-consumption and helps to reduce the rising
energy bills. Residential systems with solar power and energy
storage can protect themselves from grid power outages and achieve
energy independence,” says Thanikachalam.
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Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS:
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