Australia, Germany, Japan, and the US Are Expected to Account for 71% of the Global Market for Residential Energy Storage Systems in 2019
Utilities see residential energy storage systems as an avenue to improve services and relationships with customers
A new report from Navigant Research analyzes the global and regional drivers behind increased residential energy storage system (RESS) deployments, providing capacity and revenue forecasts, broken out by region and battery technology, through 2028.
Utility involvement, cost declines, government incentives, and increased solar PV integration are driving increased RESS deployments. Over the coming years, the demand for RESSs will be highly concentrated in select markets before spreading to other areas. Click to tweet: According to a new report from @NavigantRSRCH, in 2019, Australia, Germany, Japan, and the US are expected to account for 71% of the global RESS market.
“RESSs can be a highly flexible and valuable resource, improving efficiencies for system owners and the power grid,” says Ricardo Rodriguez, research analyst with Navigant Research. “While a handful of markets will lead the way for neighboring countries in their regions, overall, Asia Pacific, Western Europe, and North America are forecast to account for the majority (99%) of the global RESS market from 2019 to 2028.”
The market for residential battery storage has been driven primarily by early adopters concerned with the environment or self-sufficiency more than economic self-interest. According to the report, many utilities see RESSs as an avenue to improve their services and relationships with customers at a time when new technologies are presenting a real risk of load defection. In recognizing these benefits, particularly the ability to reduce congestion on the network and limit the need for peak capacity resources, utilities around the world have launched programs to deploy RESSs.
The report, Residential Energy Storage, analyzes global and regional drivers behind increased RESS deployments. The study examines utility involvement, cost declines, government incentives, and increased solar PV integration, as well as barriers to deployment. Capacity and revenue forecasts, broken out by region and battery technology, extend through 2028. The report also discusses emerging market participation models that enable continued RESS growth around the world. An Executive Summary of the report is available for free download on the Navigant Research website.
* The information contained in this press release concerning the report, Residential Energy Storage, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.