The results of a new study published by Navigant Research states that Australia, Germany, Japan, and the US will account for 71% of the global residential energy storage market in 2019.
The report states that the demand for residential energy storage systems will be highly concentrated in select markets before spreading to other areas, over the coming years.
The market has been driven primarily by early adopters concerned with the environment or self-sufficiency more than economic self-interest.
Globally, factors driving an increase in rollout of residential energy storage systems include:
- Increased utility involvement as energy providers see an avenue to improve their services and relationships with customers at a time when new technologies are presenting a real risk of load defection
- Cost declines
- Government incentives
- Increased solar PV integration
Ricardo Rodriguez, research analyst with Navigant Research, said: “RESSs can be a highly flexible and valuable resource, improving efficiencies for system owners and the power grid.
“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.”
For more information about the report, visit Residential Energy Storage.