In 2023, amidst a backdrop of economic turmoil and industry crises, the energy storage market stands out as a beacon of growth and resilience. Particularly, the segment catering to household energy storage experiences an unprecedented surge, marking a significant shift in consumer behavior and industry dynamics. The year 2021 witnessed a pivotal moment in the energy storage landscape, characterized by advancements in technology and substantial cost reductions. These developments set the stage for a rapid expansion that continued into 2022. Factors such as escalating energy prices, geopolitical tensions like the Russian-Ukrainian conflict, and instances of widespread power outages abroad have all contributed to a perfect storm propelling the household energy storage market to unforeseen heights.
The momentum behind household energy storage is unmistakable, with a staggering tenfold increase in penetration rates. This surge is not merely a blip but a sustained trend, evidenced by a robust year-on-year growth of 56% in 2021 alone. According to data from BNEF, global installed capacity for energy storage reached approximately 10GW/22GWh in 2021, marking an impressive 84% and 105% increase year-on-year, respectively. Within this burgeoning market, distributed energy storage capacity accounts for a significant portion, with figures reaching around 2.5GW/5.6GWh, reflecting a notable 45% and 40% increase year-on-year.
In essence, the explosion of household energy storage signifies a paradigm shift in how consumers interact with and harness energy. It not only underscores the growing importance of renewable energy sources but also reflects a fundamental change in the way individuals perceive and manage their energy consumption. Following a slump in sales attributed to excess inventory in European and American markets in 2023, the energy storage sector is poised for a resurgence in 2024. Anticipated as a fresh start, the upcoming year holds promise for renewed market vitality and robust demand.
Recreen Energy also has a face of chanlenging of supplying the demand for the market and provide the professional traning for those energy storage agents or distributors.How to support the local agents a good after-sale service is what we are mainly dealing with now. If you want to be our distributor or agent in the local market,welcome to contact with us.
