First, destocking is nearing an end for the solar energy system
Background and current situation:
In 2023, the global household storage industry has experienced the impact of multiple factors such as falling prices of raw materials and batteries, falling electricity prices and adjustment of light storage policies, resulting in a slowdown in the growth rate of household energy storage systems. Therefore, the industrial chain has experienced a fierce destocking process.
According to the report released by the Changan Energy Storage Research Institute, despite these challenges, European household energy storage systems still maintain a high level of prosperity. At the same time, the global destocking work is also continuing to advance.
Trends and Prospects:
Entering 2024, with the continuation of the Red Sea crisis and the short-term determination of light storage policies in various countries, the destocking work is nearing an end. This means that the inventory pressure on the market will be eased, making room for the further development of the household storage industry.
In 2024, the global household storage industry has entered a new stage
Market changes:
New products of solar power inverter and lifepo4 battery continue to iterate and upgrade: With the continuous progress of technology and the intensification of market competition, household storage products will pay more attention to performance improvement and cost reduction.
Channel optimization continues: In order to better serve end users, household storage enterprises will continue to optimize sales channels and service networks.
Market pattern:
According to BNEF data, in 2023, the new installed capacity of global household storage reached 12.0GWh, an increase of 59.3%. Germany, Italy, the United States, Japan and Australia are the major countries in the global household storage market, accounting for about 93% of the market share.
Despite falling electricity prices and reduced subsidies, Germany and Italy are still growing faster. In the United States, demand growth has slowed because of high interest rates. However, with the end of interest rate hike expectations and further policy clarity, the US market still has greater growth potential.
Emerging Markets:
In addition to traditional markets, emerging markets such as the Middle East, Latin America and Southeast Asia are also showing strong growth momentum with policy support. The new installed capacity of household PV in these areas even exceeds the sum of traditional market countries, showing huge market potential.
Future trend:
Cost reduction: The cost reduction of energy storage systems will be a key factor in increasing IRR levels in the European home energy storage industry in the future. With the further reduction of the battery cost and the optimization of other parts of the cost, the economy of the household storage system will be significantly improved.
Increased penetration: With the continuous price reduction of the industrial chain, the economy of distribution and storage will be improved, and the audience will be further expanded. This will promote the penetration rate of household storage systems to further increase.
Technological innovation and application expansion: The future household storage industry will pay more attention to technological innovation and application expansion. For example, in typical application scenarios such as zero-carbon parks, port power, and optical storage, household storage systems will play a more important role.
In summary, "Destocking is coming to an end! The statement "2024 global household storage industry enters a new stage" accurately reflects the current dynamics and development trends of the global household storage market. With the end of the destocking work and the arrival of a new stage, the global household storage industry will usher in a broader development prospect.
