Lithium-ion battery-based ESS is expected to have the highest market share in 2023. The huge market share can be attributed to its rapid cost decline over the past years and is likely to continue for the next few years.

The residential energy storage systems market is majorly dominated by developed nations. However, several other developing countries have introduced the net metering program and made certain amendments to encourage solar PV in the residential sector. This, in turn, is expected to create an ample amount of opportunities for the residential energy storage systems market in the future.
Europe is expected to dominate the RESS market during the forecast period, with most of the demand coming from the countries like Germany, the United Kingdom, etc.

LiFePO4 batteries can be recharged numerous times and are more stable. Further, they tend to have a higher energy density, voltage capacity, and lower self-discharge rate than other rechargeable batteries. This improves power efficiency as a single cell has longer charge retention than different battery types.

Additionally, Li-Iron Phosphate batteries do not need as frequent maintenance and replacement as the lead acid batteries. They maintain their voltage throughout the discharge cycle, allowing greater and longer-lasting efficiency of electrical components, whereas the voltage of lead-acid batteries drops consistently throughout the discharge cycle. Despite the higher upfront cost of Li-ion batteries, the true cost is much lesser than that of lead-acid batteries, when considering lifespan and performance.

Considering the technical features of excellent performance on higher temperature, higher capacity range, 6000+ cycle life, lighter weight and wall/rack/stack mounted design, EverExceed LiFePO4 battery is widely popular by users with a rapid development stance. It is the first choice for the high requirement energy storage battery solution in today’s world.

Batteries play a crucial part in the energy storage systems and are responsible for major portion of the total cost of system, especially used in residential energy storage systems. The total installed capacity of the renewable energy sources is increasing at a significant rate, worldwide, and so is the installation of solar rooftops on the residential buildings.

The increase in solar rooftop capacity is likely to foster the increase in the demand for battery energy storage as well. Therefore, the emergence of new energy storage systems (ESS), for residential applications, is expected to boost the demand for lithium battery during the forecast period. Properties of lithium batteries, such as less weight, low charging time, higher number charging cycles, and declining cost, make it preferable for this application.

In recent times, owing to their declining prices, the lithium batteries gained popularity as battery storage systems of choice for residential solar and home inverters. In 2022, the price of the lithium-ion battery was USD 123/kWh, which declined by 81.58% from USD 668/KWh in 2013.

EverExceed is a global leading provider of energy storage system with 20+ years battery manufacturing experience. It focuses on residential energy storage market with all kinds (wall/rack/stack type) of storage batteries. If you have any requirements or any kind of query regarding the Battery Energy Storage System for your desired applications, feel free to communicate with our dedicated team at any time at marketing@everexceed.com