Technologies and Global Market: Residential Energy Storage, Blockchain and Energy Sharing Systems
Summary
The combination of the rising cost of energy and more affordable renewable energy technologies has made it more compelling for homes to generate and store their own electricity. Residential energy storage systems (RESSs) have led to the adoption of energy conservation measures to control and manage the increased expenditure on energy. Owners of residences with solar and energy storage can protect themselves from grid power outages and achieve energy independence. The addition of energy storage is leading to a proliferation of photo voltaic (PV) systems since they increase self-consumption and also help consumers keep rising energy bills in check.
Energy storage technology has great potential to improve electric power grids and enable more self consumption of renewable electricity while providing alternatives to fossil fuels. The value proposition for residential energy storage today is where solar PV was seven years ago, and the factors that led PV to mass affordability will likely have a similar effect on battery storage systems. Battery costs have declined by REDACTED over the past decade, and dozens of startups and large manufacturers are now competing to develop safer, more efficient, lower-cost and longer-life battery chemistries.
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Residential Energy Storage, Blockchain and Energy Sharing Systems
The promise of RESS technology lies in its potential to -
- Increase grid efficiency and reliability—optimizing power flows and supporting variable power supplies from wind and solar generation.
- Allow vehicles powered by batteries or other electric technologies to displace vehicles burning gasoline and diesel fuel, reducing associated emissions and demand for oil.
Technological advances and rapidly falling costs —such as a REDACTED drop in the price of solar PV modules in the past five years—are driving record-breaking increases in capacity, and growth in investments in-global clean energy and jobs. As battery costs continue to fall, battery storage will become an increasingly attractive option for storing renewable electricity at the household, business and community levels.
The global RESS market grew from nearly REDACTED in 2017 to REDACTED in 2018, a growth rate of REDACTED. Over the forecast period, overall revenues from global RESS shipments are forecast to grow at a compound annual growth rate (CAGR) of REDACTED to reach a value of REDACTED in 2023. The market is being spurred by a number of factors, including feed-in tariff (FIT) and net metering revisions in historic residential PV hotpots, subsidies and tax incentives, rapid price reductions in lithium-ion battery prices,and rising electricity tariffs.
The largest technology sub-market is lithium-ion storage. The market for these systems was valued at REDACTED in 2017, growing at REDACTED to REDACTED in 2018, and is forecast to grow at a CAGR of REDACTED over the next five years to reach a market value of nearly REDACTED by 2023. Lithium-ion dominates on account of its low cost, but it has reached that cost because of demand driving production. This favorable increasing-demand/decreasing-cost trend is not expected to slow down through 2023.
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Residential Energy Storage, Blockchain and Energy Sharing Systems: Technologies and Global Market
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