Energy storage trends in 2023 – portable and household energy storage

The Energy storage trends in 2023-portable and home energy storage and power plants
As the product is accepted by the market, the application scenario of portable energy storage is expanding.
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    Portable energy storage to high-capacity development trend is determined, the major manufacturers have increased investment. According to statistics, the current market is dominated by 100-500Wh products, accounting for about 50%, but its share is shrinking.

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    Portable energy storage

    Portable energy storage can be considered as a large outdoor mobile power source. This type of product is a built-in high energy density lithium-ion battery, can provide stable AC / DC voltage output power system, with a charge capacity of usually 0.2-2kWh, while having a larger output power 100-2200W, with AC, DC, Type-C, USB, PD and other interfaces, widely used in outdoor travel, emergency disaster preparedness and other scenarios.

    As the product is accepted by the market, the application scenario of portable energy storage is expanding. Generally, 1 degree of electricity is the boundary, below 1 degree of electricity is partial to the consumer-level demand, and above 1 degree of electricity is partial to the rigid demand for power backup.

    • Less than 1 degree: Generally, it is used to power electronic devices, i.e. outdoor entertainment needs, such as cell phone, computer, drone, SLR.
    •  Above 1 degree power: Users of high-capacity products are mainly home power backup with more power outages, professional-level users, and users with high outdoor requirements for electrical appliances (3-15 degrees), or applied to off-grid needs such as RVs, yachts, off-grid cabins, etc. The scene has higher power demand and power requirements (about 15 degrees); or as a household energy storage module.

    Portable energy storage to high-capacity development trend is determined, the major manufacturers have increased investment. According to statistics, the current market is dominated by 100-500Wh products, accounting for about 50%, but its share is shrinking. On the contrary, the share of products with a capacity of 500-1000Wh is rising, reaching 40% in 2021, and the market share of products with a capacity above 1000Wh is only 10%, but the share is also increasing. In the future, as the cost of the core decreases, high-capacity portable energy storage products will gradually become mainstream.

    The Large-capacity portable energy storage products will gradually become mainstream

    In August 2022, HelloTech launched the home energy storage brand Geneverse in San Francisco, USA, including two flagship products GeneverseHomePowerPro01/02, with massive power reserves, a single charge can power users’ basic devices for up to a week, power the refrigerator for up to 30 hours, and for improving sleep quality CPAP respirator, it can power up to 3-7 days, fully charge a laptop 12-16 times, and charge a cell phone 150-200 times. The product has a single charge capacity of 1.2/2.4kwh and can be connected in parallel with multiple modules to meet the demand for large power consumption.

    Based on the number of households, outdoor activity penetration rate and portable energy storage penetration rate of each country, the portable energy storage market space for outdoor scenarios in each country’s market can be predicted. The Chinese and American markets are expected to achieve a faster demand growth rate for portable energy storage products under the continuous penetration of outdoor activities, considering the population growth and the increase in the penetration rate of outdoor activities; the Japanese market considers the increase in demand for emergency preparedness.

    According to this calculation, the portable energy storage market is expected to ship 24.14 million new units in 2025, with an average compound growth rate of 49% for 21-25 years; the new installed capacity can reach about 16.9 Gwh, with an average compound annual growth rate of about 57%; the market space reaches 55.1 billion yuan, with an average compound annual growth rate of about 49%.

    Household energy storage

    Review of global household energy storage

    Russia-Ukraine conflict aggravates energy anxiety, household energy storage demand is growing rapidly. 2021 since the European market by the impact of rising energy prices, residential electricity prices soared, the economy of energy storage reflects, the market is hot. Germany, for example, in 2021, 145,000 sets of new household PV, installed capacity of 1.27GWh, +49% year-on-year.

    The future trends of household energy storage

    Future growth prospects

    The sense of crisis & economic stimulation of demand growth global energy transition trend, home energy self-generation is the main way. The transitional dependence on fossil energy in the energy mix has caused an energy crisis in Europe. In order to maintain national security, Europe has accelerated the process of energy transition, and the best way to achieve energy supply substitution is through renewable energy generation.

    From the perspective of grid stability, the pressure on the grid brought by the new energy grid in large quantities is the cause, the government through subsidies and other policies to guide power generation / user configuration storage is the result, European countries for distributed PV + storage subsidies, the underlying logic is to reduce the grid distribution pressure through distributed systems. Therefore, the European household photovoltaic energy storage market will maintain high growth.

    According to the number of households to measure the amount of installed distributed photovoltaic, consider the penetration rate of home energy storage to get the number of installed home energy storage, assuming the average amount of installed home energy storage per household can be obtained globally and the amount of installed home energy storage in each market. It is expected that the global home energy storage capacity space reaches 57.66 GWh in 2025, with a compound growth rate of 91% from 2021 to 2025. Among them, the European market is the largest, with 41.09GWh of new installations in 2025, a compound growth rate of 112%; the U.S. market has 7.90GWh of new installations in 2025, a compound growth rate of 71%.

    Power station energy storage

    China

    The core driver for the development of energy storage power plants is the policy requirement for new energy generating units to be mandatorily equipped with energy storage. Twenty-five provinces in China have issued documents specifying the allocation of energy storage for new energy sources, and 10 provinces have published pricing documents for energy storage participation in peaking services, encouraging the development of grid-side energy storage.

    The Development of energy storage plants in China

    Based on the demand for mandatory storage allocation, the installed energy storage is closely related to the pace of wind power PV installation. The construction progress of wind power PV is expected to accelerate in 2023, favoring the demand for energy storage.

    According to the estimation, the installed volume of energy storage power plant is expected to reach 35.8GWh in 2022, and grow to 118.8GWh by 2025, with a compound growth rate of 64% from 2021 to 2025. Among them, China and the United States are the regions with the largest volumes, with 36.3GWh installed in China and 45.2GWh installed in the United States in 2025.

    United States

    The U.S. is the largest energy storage market in the world. According to statistics, as of August 2022, the cumulative installed capacity of electrochemical energy storage in the U.S. market is 6.8GW/14.8GWh. the installed capacity of U.S. energy storage started to grow rapidly in 2021. 3.3GW/8.4GWh of units will be commissioned in 2021, 5.7GW/11.4GWh is expected to be commissioned in 2022 (+77%/35% YoY), and currently planned to be commissioned in 2023 8.1GW/16.2GWh (+42%/42% year-on-year).

    The USA is the world's largest energy storage market

    The catalyst for energy storage in the U.S. comes from the extension of ITC subsidies and strength enhancement of the Inflation Reduction Act, and the income tax credit of up to 50% of the initial investment cost, which will promote the growth of installed energy storage projects. on August 16, 2022, President Biden signed the Inflation Reduction Act, in which the ITC and PTC policies were revised. The policy period was extended by 10 years and there is an increase in subsidies.

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