Energy storage solutions are gaining popularity due to the increasing need for backup power during natural disasters. Although the grids of developed countries are more reliable than those in developing countries, they are still subject to storms and blizzards that can cause blackouts and delays in grid repair. Residential energy storage solutions help residents avoid such inconveniences.
Residential energy storage systems are becoming increasingly popular among homeowners around the world. These products provide a reliable, uninterrupted supply of energy. The market is segmented geographically into North America, Europe, Asia Pacific, Latin America, and the Middle East. In North America, the market is likely to be driven by the ongoing decline in battery prices. In Europe, the market is expected to benefit from the growing share of renewable energy and the development of smart grid technologies.
Bay Energy has developed a Power Lite Series of the residential battery system, which stores the energy generated by solar panels on a roof. This system provides energy savings and peace of mind. It is available in various configurations and sizes and can store up to 52 kWh of energy. Once charged, customers can use the stored energy to run essential appliances or their entire home. Larger models can provide backup power for up to three days.
The market for residential energy storage systems can be further segmented by technology and application. The two main technologies are lithium-ion and lead-acid batteries. Lithium-ion is expected to dominate the market due to its high energy density and advantages over other technologies. Residential energy storage systems can be divided into on-grid and off-grid systems. On-grid systems store power generated by a power generating station, while off-grid systems store power from a solar panel.
A number of states in the United States are focusing on developing energy storage technologies. For instance, California is far ahead of other states in terms of battery storage development. The state’s Intelligent System Operator (CISO) manages most of the grid. It has proposed building 39 GW of storage in various locations at a cost of $50 million to $100 million. Other states are also adding battery storage at a rapid pace.
Energy Storage in the United States is gaining momentum as battery prices continue to fall. By 2021, developers of large energy storage systems will install more batteries than in any previous year. They expect to install more than 3,000 MW of storage capacity during the year, more than double the capacity installed the year before. This surge will put cumulative installed capacity at 5,410 MW by 2022. It will also mark the beginning of a multi-gigawatt market. More than 25 GW of energy storage capacity is expected to come online by 2023.