After a challenging year, the global residential energy storage market will accelerate development in 2021. IHS Markit predicts that compared with 2020, the global residential energy storage system installed capacity will increase by 27%. This will benefit from the continued recovery of the global economy, special incentive policies for energy storage, and the continued desire of rooftop solar owners for self-consumption. Several other key market developments are expected in 2021.
Germany will surpass Japan and the United States in 2020 to consolidate its position as the world's largest household energy storage market. New markets in Europe, such as Spain and Belgium, will accelerate their development after the European Union`s clean energy initiatives and stimulus plans.
In terms of technology, as long as the demand growth in the automotive industry does not exceed expectations and affects availability, lithium iron phosphate batteries will continue to maintain a strong growth trend and market penetration will continue to grow. The integration of home management systems and smart charging of electric vehicles will also become a new driving force for the installation of home energy storage systems in families.
