Market share of household energy storage products

In 2022, 22.5% of the energy consumed in the EU was generated from renewable sources. The increasing adoption of renewable energy sources at both the individual and industrial scales fuel the need for energy storage to not only bridge the gaps in intermittent generation but also maximize the efficiency of renewable installations.

Community energy storage (CES) is a cutting-edge smart grid technology that provides various benefits of distribution grids, in terms of reliability, quality, and control stability. This technique has become a vital part of contemporary microgrids as it offers benefits to both utilities and consumers.

The 6 to 10 kW category held more than 55% revenue share in 2023. It is expected to maintain its position during the prediction period. This is due to the rising energy consumption, increasing frequency of long power outages, faults in grid systems, and mounting demand for a greater amount of stable power.

In July 2023, Panasonic Industry Co. Ltd. launched EverVolt home battery which supports both DC and AC coupling for new and existing solar arrays. In June 2023, VARTA AG invested $21.7 million on its gigafactory for energy storage systems in Germany.

China generates a remarkable chunk of the revenue owing to the growing economic activities, low cost of solar panels due to a huge manufacturing base, expanding semiconductor industry, and rising consumer spending.