The outbreak is coming! Household energy storage is ushering in a tide of development

Affected by rising energy costs and electricity prices, there is a huge gap in the household energy storage market in Europe and the United States, and manufacturers in related domestic markets have increased their deployment. Will household energy storage be the new track in the field of new energy in 2023?

Recently, household energy storage is quite popular in the market. On December 6, Qian Zhimin, secretary of the party group and chairman of SPIC, went to Academia Sinica to investigate household energy storage work. Qian Zhimin pointed out that at present, my country is accelerating the transition to clean and low-carbon energy, and the household energy storage industry is ushering in new opportunities for development. This is a signal that household energy storage is hot.

In addition, there was a relevant content of a Sungrow telephone exchange meeting on the Internet: Sungrow has significantly lowered its shipment forecast for household energy storage——In 2023, household energy storage will be lowered from 500,000 units to 300,000-350,000 units , Energy storage inverters were lowered from 1 million units to 700,000+ units. The information caused a big emotional fluctuation in the capital market for a while.

On December 6, Sungrow urgently issued an announcement in response, saying, "The company has not significantly lowered its household energy storage expectations, and the sharp reduction is due to misinterpretation and over-interpretation." According to the latest announcement of Sungrow, "the household storage shipments are expected to be fine-tuned within a certain range, and the adjustment range is about 10%-20%", which is a normal adjustment. Mainly due to factors such as tight supply chains, the rhythm of household storage is lagging behind. This year, household storage is expected to be adjusted from 80,000 to 100,000 units to 60,000 to 70,000 units, and next year is expected to be adjusted from 400,000 to 500,000 units to 300,000 to 400,000 units. In addition, Sungrow also said that the entire European household energy storage market is very optimistic. It is relatively certain that the growth of large storage and household storage in the United States will be very fast. Preliminary estimates are that the European household energy storage market will grow by more than 100%. speed.

For this oolong caused by the media, the market is more concerned about the future changes in the household energy storage market.

European and American residential energy storage markets are in high demand

Since last year, energy costs and electricity prices have continued to rise, the demand for household energy storage has continued to rise, and global household energy storage has developed rapidly. Among them, Europe and the United States lead the rapid development of household energy storage. According to the estimates of Gaogong Industry and Research Institute, the newly installed capacity of household energy storage in the world will be 6.4GWh in 2021, and the newly installed capacity in 2022 will reach 15GWh. Europe and the United States are the main players in global household energy storage installations, each accounting for a quarter of the global market.

From the perspective of the European market, energy structure and conflict catalysis lead to high electricity prices; carbon neutrality and energy independence goals lead the formulation of policies, and under the guidance of policy subsidies and high electricity costs, household energy storage systems are cost-effective. Drive the high growth of user demand. Since the beginning of 2022, catalyzed by events such as the Russia-Ukraine conflict, wholesale natural gas prices in Europe have once reached historical highs. In this case, household storage installations can greatly save users' electricity bills, and the economics of installed equipment are prominent, driving the rapid outbreak of the household storage market.

According to the calculation of Gaogong Industrial Research Institute, the newly installed capacity of European household storage is expected to reach 10.2GWh in 2025, and the compound growth rate from 2021 to 2025 is 53.7%; the cumulative installed capacity of European household storage is expected to reach 33.8GW in 2025; It is expected to reach 9.5GWh, with a compound growth rate of 68.9% in 2021-2025; the cumulative installed capacity of household storage in the United States is expected to reach 24.3GWh in 2025.

As the main driving force for the growth of household energy storage, changes in installed capacity demand in Europe and the United States have attracted market attention. In particular, changes in demand for installed capacity in Europe and the United States have attracted market attention.

According to the calculation of Gaogong Industry Research Institute, considering the penetration of household storage in other countries and regions such as Australia, Japan, and Latin America, assuming that the household storage market in Europe and the United States accounts for 40% of the global market in 2025, the demand for new installed capacity of global household storage in 2025 may be up to 50GWh. Based on the value of each 10kWh energy storage system (including battery system and converter) at USD 10,000, a single GWh corresponds to a market space of USD 1 billion (RMB 7 billion), and the future global household energy storage market space can reach 100 billion.

Domestic manufacturers accelerate deployment

Benefiting from the surge in demand in the foreign household energy storage market, the business development of upstream and downstream manufacturers in the domestic household energy storage field is also very rapid. Chinese household energy storage battery and inverter companies have shown a pattern of "competing for layout and accelerating overseas sales" in overseas markets.

In 2021, Paineng Technology will have a market share of about 13% in the field of household energy storage, further narrowing the gap with Tesla. Granville, Sunwoda, Hiconics New Energy, Shouhang New Energy, etc. are also accelerating their deployment in overseas markets.

Paineng Technology focuses on energy storage batteries and adopts the soft-pack battery route, which is mainly used in household storage scenarios. Its business focuses on overseas. In the first half of 2022, overseas business revenue accounted for 81%. In addition, Penghui Energy's household storage products are mainly battery cells. The company's products include power and energy storage batteries. The production strategy focuses on energy storage. In the first half of 2022, energy storage batteries accounted for 50% of revenue. Including household storage and portable energy storage) accounted for 70% of energy storage business revenue. According to the announcement of Penghui Energy, Penghui Energy’s household storage batteries are mainly sold to Europe and Australia, and are trying to enter the North American market; Penghui Energy’s home storage customers include Sungrow Power, Ai Luo, Sanjing, RCT, Deye, Zhenghao, Bull Wait.

BYD's household storage products include the all-in-one Energy Pod, battery system HVM, etc., all of which use lithium iron phosphate batteries and use a modular design for easy expansion. The company's products have already occupied a place in the German market. In 2020, the market share of the company's household storage products in Germany has reached 19%, second only to the leader Sonnen (21%).

In the field of electronic transformers and inductors, Hengdian DMEGC said in a recent Q&A with investors that the company's household storage is still in the cultivation stage. The company has developed several household storage products. At present, the low-voltage products have all passed the certification in Europe; at the same time, there are also high-voltage products, which are mainly used in industry and commerce. In addition, Hengdian DMEGC now has household storage products exported to Southeast Asia and countries along the Belt and Road. Hengdian DMEGC said that it will choose an opportunity to launch products to the European market next year.

In addition, Igor once said in an interview with the magazine "Magnetic Components and Power Supply" that household energy storage inverters will be one of the hot application fields in the future. In the next two to three years, household storage inverter inductance will be one of the company's key areas of layout. one. Not only that, but Mingpu Optoelectronics also said that in the future, home energy storage systems, integrated optical storage and charging systems, and outdoor mobile power supplies will emerge and become popular, which will further boost the market size of electronic transformers and inductors.