Global Residential Battery Market Is Estimated To Witness High Growth Owing To Growing Deployment Of Solar Power Generation

Residential Battery Market
Residential Battery Market

Overview:

The use of residential battery is growing as more people are choosing to install a solar system with battery storage. Many homeowners are adding a residential battery to their solar power systems in order to participate in utility programs that offer money for using energy during times of peak demand. These are called “demand response” or “time of use” tariffs.

They are designed to encourage the use of renewable energy by offering discounted electric rates during times of high demand, such as on hot summer afternoons when air conditioning is running. By participating in these programs, a residential battery can help to reduce the strain on the grid, thereby improving overall system performance and increase solar savings. Battery-equipped solar systems can also make a big impact on household energy costs by bypassing energy price shifting and providing customers with low cost electricity during peak energy hours.

Market Dynamics:

Rising product launches are estimated to augment growth of the global Residential Battery Market during the forecast period. For instance, Solar Edge launched a residential battery and inverter, in October 2021. This battery and inverter have a backup power of 10.3 KW and a power of 11.4 KW, which can be connected to a photovoltaic system or a local grid. Moreover, increasing environmental damage of lead-acid batteries is anticipated to restrain growth of the global residential battery for market during the forecast period.

Impact of COVID-19:

COVID-19 was firsts identified in 2019 in China. The WHO announced the pandemic as a global health emergency in 2020. The social distancing rules implemented in many countries, forced people to stay at home. These regulations hampered many businesses around the world. This led to large number of industries shutting down their manufacturing activities. There was a shortage of raw material sin many sectors. Supply chains were also disrupted in many nations. This led to decrease in demand for residential batteries globally. Thus, the pandemic had a negative impact on the growth of the global residential battery for market.

Key Takeaways:

The global Residential Battery Market is expected to witness significant growth, exhibiting CAGR of 18.6 % over the forecast period, due to increasing acquisitions by key players.

For instance, a storage battery manufacturing company LG Energy Solutions acquired NEC Energy Solutions, in September 2021. With this acquisition, LG Energy Solutions is planning to expand their energy storage in North America.

Asia-Pacific is anticipated to witness high growth in the global Residential Battery Market during the forecast period, due to growing natural and human resources.

Key players operating in the global residential battery for market are LG Energy Solution Ltd., FIMER SpA, NEC Corporation, Amara Raja Batteries Ltd, Enphase Energy, GOODWE, HAIKAI, Generac Power Systems, Enphase Energy, AlphaESS, E3/DC, LG Chem, Panasonic, and Tesla.

Comments

Post a Comment

Popular posts from this blog

Vehicle-To-Vehicle (V2V) Communication; Used To Wirelessly Interchange Data Regarding Their Speed, Place, And Heading

Image
Vehicle-To-Vehicle (V2V) Communication Vehicle-To-Vehicle (V2V) Communication allows vehicles to wirelessly interchange data regarding their speed, place, and heading. The mechanism behind Vehicle to Vehicle communication permits vehicles to transmit and receive multi-directional notifications, making a complete awareness of other automotive in proximity. Vehicles mechanized with correct software or security applications can utilize the texts from vehicles around to identify robust crash risks as they develop. The machinery can then use visual, tactile, and audible notifications or, a mix of these notifications to alert drivers. These notifications enable drivers the capability to take action to ignore or inhibit crashes. These Vehicle to Vehicle communication notifications have a range of above 300 meters and can identify threats obscured by terrain, traffic, or weather. Vehicle-To-Vehicle (V2V) Communication expands and improves presently accessible crash ignorance method that util
Read more

Global Polyphenol Market Is Expanding Owing To Growing Development Of Polyphenol-Rich Products For Health Improvement

Image
Polyphenol Market Overview: Polyphenols are a group of antioxidant plant compounds that have been shown to lower the risk of heart disease, improve blood sugar control, reduce inflammation and reduce the risk of cancer. Many foods are naturally rich in polyphenols. The most abundant phenolic compounds in plants are flavonoids, which include resveratrol, ellagic acid and luteolin. They are chemically characterized by multiple phenol rings linked to aromatic hydroxyl groups or phenyl groups. They may also contain carboxylic acid, amines, or lipids. They can be arranged in different ways and are classified on the basis of their structural elements that bind the phenol rings together. A polyphenol-rich diet has been linked to a reduced risk of diabetes, which can be due to preventing the breakdown of starch into simple sugars. They can also stimulate insulin secretion to keep blood sugar levels stable. Consuming a diet with lots of fruits and vegetables is an excellent way to get a variety
Read more

Global Ferrous Sulfate Market Is Anticipated To Witness High Growth Due To Growing Demand In The Water Treatment Segment And Increasing Applications In Cement And Agriculture

Image
Ferrous Sulfate Market Overview: Ferrous sulfate is an iron salt, it comes in a variety of forms. It is a solid crystalline form of iron with mild reducing power and is used as the iron catalyst component in Fenton's reagent. Iron is a mineral that the body needs to produce red blood cells. It also helps the body transport oxygen from the lungs to tissues and organs throughout the body. These supplements may help treat or prevent low blood levels of iron in people who are anemic or who are pregnant or have chronic diseases that require iron supplementation. This mineral is important for making hemoglobin, a protein that carries oxygen from the lungs to the rest of the body's cells and myoglobin, a protein that helps supply oxygen to the cells in the muscles. An essential component of beach sand deposits is the mineral ilmenite, which is an oxide of titanium and iron. Ilmenite is transformed into titanium dioxide pigment grade using either the sulphate method or the chloride pro
Read more