“The energy storage systems are used by the residential sector, to guarantee continuous and cost-efficient power to the household units. The suitability of a storage technology is determined primarily by its power and energy capacity and the rate at which they can be stored and delivered.”
The Global Home Energy Storage System Market gives a huge potential to enhance the operations of the grid or matrix and efficient resilience. Increase in the adoption of home-based solar PV, falling infrastructure cost, rising power costs, the need to use clean and locally generated electricity are some of the major factors boosting the demand for home energy storage systems.
Furthermore, the government is also making decisions for investments, funding, incentives, and advancing utility rate structures, over a large area. Energy storages enable the growth and incorporation of sustainable power source in business and also residential segments.
In this case, the high cost of initial investment and lack of awareness about the procedure to connect the grid are some of the factors hampering the growth for home energy storage systems.
Company Profiled: Some of the significant players operating in this market include ABB, ChargeSync, Enphase Energy, Inc., LG Chem, Mercedes Benz Energy, Moixa Energy Holdings Ltd., Nissan, Panasonic Corporation, Pika Energy Inc., General Electric, Powervault, Samsung SDI Co. Ltd., SOLARWATT, Sonnen, Tabuchi Electric Co., Ltd., Tesla, and VARTA AG amongst others.
Home Energy Storage System Market, By Connection Type
The market for on-grid connection is expected to flourish at the highest rate during the forecast period. The on-grid home energy storage systems use the utility networks for providing power to consumers, which also reduces the electricity bills.
The load leveling, peak shaving, and power demand management are the primary uses of any on-grid connected home energy storage system installed with electrical grids. These components contribute in the development of the market for on-grid connected home energy storage systems.
Home Energy Storage System Market, By Region
APAC includes China, India, Japan, South Korea, and the Rest of APAC (RoAPAC). APAC is gradually turning into a center point for the home energy storage system industry.
The demand for home energy storage systems from China, India, and Japan is slowly expanding. The power demand in China is increasing due to increase in the population rate in the country.
To achieve the increasing demand from the rapidly growing population, the public-sector state Grid corporation of China, the world's largest distributor, has positioned energy storage systems to give subordinate services all through its grid.
The report provides both, subjective and quantitative research of the market, as well as integrates worthy insights into the rational scenario and favored development methods adopted by the key contenders. The report also offers extensive research on the key players in the home energy storage system market and detailed insights on the competitiveness of these players.
The key business strategies such as M&A, affiliations, collaborations, and contracts adopted by the major players are also recognized and analyzed in the report. For each company, the report recognizes their manufacturing base, competitors, product type, application and specification, pricing, and gross margin.
Some of the key questions answered by the report are:
What was the market size in 2017 and forecast from 2018 to 2026?
What will be the industry market growth from 2018 to 2026?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?
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